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Author Topic: Bitcoin Mining  (Read 17915 times)

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Offline Silent Disapproval Robot

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Re: Bitcoin Mining
« Reply #15 on: January 03, 2018, 11:31:35 AM »
TBH, I'm amazed that I even went into it at all.  I was working overseas and there was a guy in the same town as me who was talking it up.  He tried explaining it to me but the whole thing just sounded like a huge scam at the time.

"OK, so I'm going to be mining for coins?


Yup.


Is this some kind of stupid Facebook thing like Farmville or something?


Nope.  Nothing to do with Facebook or gaming or any thing like that.  You're basically allowing access to your PC's processing power over the internet.  Kind of like how they're doing the star mapping and stuff.


OK, so I let these bitcoin guys have access to my PC over the internet.  And who are these guys exactly?


Nobody knows.


So, I let a bunch of guys nobody knows access my PC over the internet on the off chance that I might get a coin at some point?


Yup.


And what are these coins used for?


They're a virtual cryptocurrency.  It's a new kind of money that doesn't involve central banks or governments.


So what are they worth and who even takes them.


They're about $2 a coin right now but there's going to be a finite amount so the value will go up.  Only a few places like Silk Road take them now but it'll get bigger.


Dude, this whole thing sounds dodgy as hell.  You want me to give access to my PC to a bunch of guys nobody knows to get money that doesn't even exist and is only used by a website that seeds weed.  How does this not end up with me getting my identity stolen or the cops kicking down my door because my ISP was used to send out spam or kiddy porn or something?"


The only reason I even did it was because this guy had steered me right on gold and silver and I'd just bought a new PC so I scrubbed the old one and used that as the miner. 


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Offline Windigo

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Re: Bitcoin Mining
« Reply #16 on: January 03, 2018, 12:49:18 PM »
now a days, a home computer won't even dent what it takes to mine a BTC
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Offline jomni

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Re: Bitcoin Mining
« Reply #17 on: January 09, 2018, 01:27:31 AM »
Do we have a general cryptocurrency thread?
I have been trading since September and had some significant earnings.
« Last Edit: January 09, 2018, 01:30:09 AM by jomni »
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Offline bayonetbrant

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Re: Bitcoin Mining
« Reply #18 on: January 09, 2018, 03:51:12 AM »
Quote from: jomni on January 09, 2018, 01:27:31 AM
Do we have a general cryptocurrency thread?
This one is probably as close as we ever got

Quote from: jomni on January 09, 2018, 01:27:31 AM
I have been trading since September and had some significant earnings.
Cool!  What's you secret? :)
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Offline Windigo

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Re: Bitcoin Mining
« Reply #19 on: January 09, 2018, 08:16:51 AM »
Quote from: jomni on January 09, 2018, 01:27:31 AM
Do we have a general cryptocurrency thread?
I have been trading since September and had some significant earnings.

Jomni, keep this on the down low eh?  ;)

Seriously, congrats on your gains. I too have been doing alright, but it’s been a school of tough lessons to get there.

Are you mining, staking, or trading? I am doing all three. Let’s talk.
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My doctor wrote me a prescription for daily sex.

My wife insists that it says dyslexia but what does she know.

Offline Windigo

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Re: Bitcoin Mining
« Reply #20 on: January 10, 2018, 09:40:36 AM »
Thought I'd give you guys a sit-rep of what I am engaged in. Remember, I just started in late September. It all started when I was wanting a new video card for my gaming PC and started research on them.

Crypto Currency Mining and Staking
-- Currently I have 3 NVIDIA 1060-6 Gb cards as of today they are cranking out 15 dollars US/day (in bitcoin currency).
-- I used to mine with my CPU as well, but now I am doing what is called Proof of Staking (POS); that is, being a holder of a POS crypto coin and maintaining a node for the coin's block chain, this uses my CPU and some hard drive and not the video cards. (about 3 dollars US a day).
-- currently building a dedicated mining rig (imagine a motherboard with 6+ GPUs connected to it).

Online Investing/Wild West Speculating
-- Lots of legitimate exchanges online now for cryptocurrencies. I am on two, the biggest one is BITTREX, the other is Canadian and smaller.
-- high risk - high reward scenario in play here.

Currently it is just a passionate hobby that miracles of miracles, pays off some and warms my house (OK really just one room, but it's only 3 GPUs at the moment) in the cold Canadian winter.

From a monetary position, Mining ROI is like 100 days on a video card purchase (with the other 265 days of the year as profit) and is pretty much a sure bet. POS is more like 30% return Annually, also a sure bet.

Buying and holding Crypto Coins.... well, it's a wild-west market out there.
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My doctor wrote me a prescription for daily sex.

My wife insists that it says dyslexia but what does she know.

Offline Windigo

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Re: Bitcoin Mining
« Reply #21 on: January 10, 2018, 10:01:55 AM »
Some good links that I copypasta'd


•http://www.coindesk.com - Overview of what's going on in the crypto world


•http://cryptopanic.com - An aggregator of various crypto sites and news, filterable. I use the pro version to customize the feeds but the free version is good enough for most.


•http://coinmarketcap.com - Not just for checking prices, they also are the most convenient way to start your research as they have the blockchain explorers, official website links and also a useful API that can be linked to Excel.


•http://cryptomaps.org - Visualization of price across different segments, primarily hashing functions and ICO release dates


•http://onchainfx.com - A better version of coin market cap, has all sort of columns and you can add flags. Only downside is it only has 61 cryptos, but its always adding news ones.


•http://icotracker.net - I like this site for looking at what ICO are coming up


•http://icobench.com - Another ICO tracker which does nice summaries, shows teams, milestones, financials and gives a rating for each ICO


•http://solume.io - compares the number of Twitter mention increase decrease to price


•http://eveningstar.io - this is basically like Morning Star except for cryptos


•https://bitcoin.tax - for calculating taxes owed on your crypto gains

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My doctor wrote me a prescription for daily sex.

My wife insists that it says dyslexia but what does she know.

Offline GDS_Starfury

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Re: Bitcoin Mining
« Reply #22 on: January 13, 2018, 06:14:11 PM »
with a few word changes, SDR's post basically explains the stock market as well.
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Offline Windigo

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Re: Bitcoin Mining
« Reply #23 on: January 13, 2018, 06:16:23 PM »
Oh I know you probably got something going on Star..... LOL
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My doctor wrote me a prescription for daily sex.

My wife insists that it says dyslexia but what does she know.

Offline GDS_Starfury

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Re: Bitcoin Mining
« Reply #24 on: January 13, 2018, 06:37:16 PM »
I'd like to thing so but it has nothing to do with cryptocurrency.
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Toonces - Don't ask me, I just close my eyes and take it.

Gus - I use sweatpants with flannel shorts to soak up my crotch sweat.

Banzai Cat - There is no "partial credit" in grammar. Like anal sex. It's either in, or it's not.

Mirth - We learned long ago that they key isn't to outrun Star, it's to outrun Gus.

Martok - I don't know if it's possible to have an "anti-boner"...but I now have one.

Gus - Celery is vile and has no reason to exist. Like underwear on Star.

Offline Windigo

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Re: Bitcoin Mining
« Reply #25 on: January 13, 2018, 07:05:57 PM »
Quote from: GDS_Starfury on January 13, 2018, 06:37:16 PM
I'd like to thing so but it has nothing to do with cryptocurrency.
Gert out of this thread you oversexed heathen......    LOL    ;)
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My doctor wrote me a prescription for daily sex.

My wife insists that it says dyslexia but what does she know.

Offline jomni

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Re: Bitcoin Mining
« Reply #26 on: January 16, 2018, 03:41:52 PM »
Woohoo!!!! A massive crash today.
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Offline Windigo

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Re: Bitcoin Mining
« Reply #27 on: January 16, 2018, 03:43:51 PM »
Yeah... I have been buying like crazy.
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My doctor wrote me a prescription for daily sex.

My wife insists that it says dyslexia but what does she know.

Offline jomni

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Re: Bitcoin Mining
« Reply #28 on: January 17, 2018, 01:38:41 AM »
I am trading my BTC and ETH short term to grow the number of coins I have.  The price against USD may tank but at least my coins are growing. So you can say I HODL these two coins (along with some XRP and BCH which don’t have active trading markets).

I have been successful trading alts vs BTC in Poloniex exchange. I caugh the recent alts frenzy and sold back to BTC the first sign of weakening momentum.  People who held alts until yesterday’s big crash lost all their gains. But I’m not so successful with my ETH trading in Binance since ETH was very strong recently and it was better to hold ETH than alts.

It’s not easy. I use technical analysis (charts) and rely on price action patterns (Doji, inside bar, pin bar reversal) and the Ichimoku cloud indicator.  I have previous experience trading other stuff so I’m quite attuned to this sort of activity.  I use TradingView for charts joined Altpocket.io for portfolio tracking. Both have social network features so I can gauge maket sentiment.

As for BTC, my interpretation is that it will be down for a while. Price is under the Ichimoku cloud which acts as resistance.  That said, last time, BTC just stayed under the cloud for 3 days.

« Last Edit: January 17, 2018, 01:47:06 AM by jomni »
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Offline CptHowdy

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Re: Bitcoin Mining
« Reply #29 on: January 17, 2018, 04:01:24 AM »
so if one wanted to do the POW or POS what kind of initial investment are we looking at? thanks.
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