My Community
General => The REST Room => Topic started by: harv on December 30, 2017, 12:21:25 AM
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Have any of you dabbled at all..?
I've been mining Monero on my PC since the end of September and have 1.27 Monero currently valued at $472.97.
Some people are trading cryptocurrencies, buying low and selling high but that's risky. The real money is in mining.
There's one cryptocurrency, Ripple, that can't be mined and can only be bought. At the time of posting they can be bought for $2.14 and over the next few years it's going to be fucking HUGE. Banks are starting to invest in it to speed up their processing.
I'm going to be using some of my Monero to buy some Ripple during the next few days.
Have just done an experiment with the Bittrex, a cryptocurrency exchange, with 0.1 Monero and have successfully used that to buy 18.15 Ripple(s(?)).
With the exception of Ripple, mining (creating new coins) is where the money is at. Some idiots spend ridiculous amounts of money on a load of GPUs to do their mining at home but doing things this way with Bitcoin isn't worth the bother. Monero is the most profitable to mine on PCs at home at the moment but that's not going to last long because the difficulty of the equations will reduce your mining to a crawl.
The real money is made with Cloud Mining - buying hashpower from a reputable server farm which mines it for you. I've done this and my mining is going to start on 28th February. Cost me $358 for 2Th/s and once my mining starts I'll get that back in anywhere between a month and a half and 2 months, anything after that is free money. 8)
If you want to learn more about this then I recommend that you watch a film called Banking On Bitcoin on Netflix.
And I urge you all to invest in Ripple while the price is still low, because the price is going to sky rocket during the next few years. My cryptocurrency investments should give me a VERY comfortable retirement in 19 years, I just wish I'd got into Bitcoin sooner...there are people that jumped on Bitcoin when it was at the same price that Ripple is now and they're millionaires :o
There are plenty of people thinking that Bitcoin is a bubble that's about to burst but they've been saying this for YEARS. There have been plenty of crashes but Bitcoin will ALWAYS recover due to the way it's set up - there are only going to be a maximum of 21m Bitcoins in existence so as each new Bitcoin is mined further Bitcoin become rarer, increasing it's value. Some people reckon that 1 Bitcoin is going to be worth $500,000 in 5 years but I don't agree with that...I reckon $100,000 at the most lol ;D
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Or... Slightly wacky idea... Get a job and earn some real money?
I thought you were a millionaire with your matched betting scheme anyway? lololol
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Haven't done any matched betting for a while, might do some in May when I have a few quid going spare.
It looked like Bitcoin was starting to recover from the latest crash but I predicted on another forum a few days back that it would go as low as $11,000 before it starts to recover.
Certainly a good time to buy with the price continuing to drop though. Bitcoin will ALWAYS recover from crashes.
On 28th February when my Cloud Mining starts it should be worth over $18,000 at least but I reckon we'll be looking at $20,000+.
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Oh, and after that experiment with Bittrex I decided to convert the rest of my Monero to 82 Ripple and convert the rest to Bitcoin.
I'm going to have to create another Ripple wallet because I'm a bit wary about leaving that many coins in an exchange account for too long just in they get hacked.
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Looks like the cryptocurrency market is well into its recovery now, it still won't stop people going on about bubbles and tulips though lol
Reading through the comments on articles about this latest crash is quite amusing as is the various displays of several governments crapping themselves over a currency they can't control. Most of these crashes are down to governments closing down cryptocurrency exchanges but there'll always be plenty to replace them. It wouldn't surprise me if they end up moving to Switzerland or various other dodgy tax havens like the Cayman Islands.
Going to be interesting to see how things progress in the next 10 years or so, some people are predicting that 1 Bitcoin is going to be worth $500,000 in 5 years time. I don't think it's going to be QUITE that mental but it wouldn't surprise me if it's going to be worth more than $100,000. :o
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Ripple is doing VERY nicely so far. If I sold my 100 coins right now I'd be $120 up. It's going to be CRAZY in a few years 8)
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Friend has been mining bitcoin pretty much since it started. Urged me to, but I couldn't be bothered.
Not one of my better decisions.
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Yup. I was also going to get into this years ago but didn't get around to it. It's pointless mining Bitcoin at home now though because the difficulty levels of the equations are too high to make it worth doing. That's why I'm going for Cloud Mining instead.
I'm still mining Monero on my PC but the difficulty levels have gone up so soon it won't be worth doing either. I should get another 1 Monero out of it which might end up being worth $600 or so by the time it's done.
Some people make a good amount of money trading in cryptocurrencies but that's pretty risky unless you're investing in one of the big players or something like Ripple. But there are plenty of people that investing in short term gains rather than doing the sensible thing (certainly for Bitcoin at least) and holding on to these things long term.
If I sold my Ripple right now I'll end up with $120 worth of profit but I'm going to hold off for quite some time before I do. Last I saw 1 Ripple was worth $3.33 but it's going to get A LOT higher during these next few years. Cardano (ADA) is another one to keep your eyes on too.
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And there's another crash happening at the moment which is bound to have bankers and other financial experts harping on about bubbles and tulips.
Funny thing is they've all been saying the same thing since 2011, here's a doom and gloom article that appeared in The Economist that year:
https://www.economist.com/blogs/babbage/2011/10/virtual-currencies
How many years do cryptocurrencies have to crash and continually recover from crashes for them to realise that cryptocurrencies have a long-term future..?
5 years wasn't enough. Nor was 6. 7? 10?!!?! :o
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This is your chance to buy in then surely? ;D
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Nah, I'm going to concentrate on mining instead of trading. But yes, it is a good time to buy if you fancy giving it a go. Ripple has taken a sharp drop, down to $2.44 last I saw it. Ripple is going to be huge in a few years. Every week you get new banks involved in it to speed up their processing rates.
If you're a gambling man spend $244 on 100 Ripple coins, you won't regret it. I got mine using the money I earnt by mining my Monero so I basically got mine for free lol
If you want to try mining on your PC then download Minergate and give it a go, but you'll need a DECENT CPU and GPU and you'll need to run your PC 24/7. Me doing this hasn't affected my electricity bill though because I've been running my PC 24/7 for YEARS due to downloading and uploading torrents.
You'll also need a Monero wallet too which you can get from mymonero.com.
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Yeah, my PC is pretty much running 24/7. I may upgrade a couple of my older ones just for the purpose of mining. Won't take much, they're already a decent spec.
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Monero is the most profitable to mine at home right now and Minergate is the program I've been using for a while now. The difficulty levels have started to rise now though so there won't be much money in it for much longer unfortunately.
The way to go is with Cloud Mining Bitcoin though, I use Genesis Mining but they keep on raising the minimum buy for hashpower due to demand. It was 1TH/s in November which cost $179, so I bought 2 for $358. It's an open-ended contract so once you've paid your money and entered your Bitcoin wallet address it'll keep going until it stops being profitable. The key to this is compounding your hashpower by using your mined Bitcoin to buy more to deal with the rises in difficulty of the maths as time goes on.
It used to be REALLY easy to do this 8-10 months ago because Genesis Mining always had Bitcoin hashpower available to buy every day of the week but now it's looking like they're doing this quarterly due to demand. Next up should be March by my reckoning which is a pain in the arse because I probably won't have the Bitcoin available to compound my hashpower. :(
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The market is continuing to crash, am VERY tempted to trade in $45 worth of Bitcoin for 100 Cardano at the moment. It's down to 45c each at the moment. Might wait a bit longer and see if this crash keeps going. Certainly a good time to buy these non-minable coins at the moment.
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How's those currencies treating you harv? lol ;D
Basically if anyone took harvs advice at the start of January, you would definitely have lost a fair bit of money by now
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How's those currencies treating you harv? lol ;D
Basically if anyone took harvs advice at the start of January, you would definitely have lost a fair bit of money by now
By now and at this current time, yes. But like I've already mentioned in this thread anyone with any sense is playing the long game with cryptocurrencies. The market will recover from this current 'bear run' and have many 'bull runs' and more 'bear runs' as time goes on. But the value of Bitcoin will ALWAYS go up in the long term due to the way it's set up. Don't be surprised if 1 Bitcoin is valued at $50,000-$100,000 next year. Some people are even predicting as much as $500,000 in 3-5 years.
The only people that have lost money are the people that aren't intelligent enough to do any sort of research and are panic selling cryptocurrencies that they've bought during the last few months. This is the time to continue buying cryptocurrencies not start selling them, it's a HODL (Hold On for Dear Life) situation. Those that don't are going to be kicking themselves for this panic selling in 10 months or so.
And as I've already said, Cloud Mining is where the real money is at, but I may have left it a bit too late because Genesis Mining appear to be upping the ante for their contracts (there are only Zcash and Etherium contracts open at the moment and those contracts are pretty expensive), hopefully I'll have enough Bitcoin mined to compound my hashpower when the Bitcoin contracts are available again but I doubt it. The new Bitcoin contracts will be open some time in March I think and my mining doesn't start until 28th February.
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India and I think somewhere else in Asia last month (I think it was South Korea) have banned Crypto-currencies, causing them to lose value.
If the rest of the world follow this trend, they will all be worthless.
It wouldn’t surprise me if the rest of the world ban them too eventually as the governments can’t bring in any laws over Crypto-Currencies, other than banning them. I imagine they are getting banned as governments can’t tax you on Crypto-Currencies and they don’t like that.
In the long run, I wouldn’t say this is a good investment.
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If you're a gambling man spend $244 on 100 Ripple coins, you won't regret it.
So if you'd have done this - you'd have lost $167 (in 24 days) ;D ;D
I'm not telling anyone to take your advice harv.. its just not proving very good advice is it ;)
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If you're a gambling man spend $244 on 100 Ripple coins, you won't regret it.
So if you'd have done this - you'd have lost $167 (in 24 days) ;D ;D
I'm not telling anyone to take your advice harv.. its just not proving very good advice is it ;)
If you had done this you wouldn't have lost a penny unless you were stupid enough to panic sell instead of HODL. Cryptocurrency investment is all about long-term gains, not making a quick buck. ;)
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India and I think somewhere else in Asia last month (I think it was South Korea) have banned Crypto-currencies, causing them to lose value.
If the rest of the world follow this trend, they will all be worthless.
It wouldn’t surprise me if the rest of the world ban them too eventually as the governments can’t bring in any laws over Crypto-Currencies, other than banning them. I imagine they are getting banned as governments can’t tax you on Crypto-Currencies and they don’t like that.
In the long run, I wouldn’t say this is a good investment.
South Korea was the big one that affected the market the most, but over 120,000 people signed a petition that the government must now address. If the worst comes to the worst the exchanges will all move to tax havens lol ;D ;D ;D
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If you had done this you wouldn't have lost a penny unless you were stupid enough to panic sell instead of HODL. Cryptocurrency investment is all about long-term gains, not making a quick buck. ;)
Well OK if you want to be pedantic - you've lost $167 in stock value..
But being pedantic, its also true to say:
Previous cost of buying cryptocurrency = $244
Profit of said cryptocurrency = $0
Total loss = $244
Why don't you tell us, how many £'s you've spent so far and how many £'s you've made... ;D
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I bought that Ripple at $224 And paid for that with some of the Monero I had mined. I converted the rest to Bitcoin, it was around $130. So that didn't cost me a penny. What I HAVE paid for is my Cloud Mining and I've spent $358 on that which is going to give me regular payments in Bitcoin until this mining stops being profitable (which basically isn't going to happen).
The only concern I have with my Cloud Mining is compounding my hashpower because Genesis Mining appear to be upping the minimum hashpower amount and that along with my mining starting on 28th this month means I'm probably going to struggle to compound it.
I also spent around $90 on Cloud Mining for Monero too which I should see a return on later this month.
Most of my investments are through free money generated by my PC. The money I have invested ($90 for Monero mining, $358 for Bitcoin mining and £50 worth of Bitcoin when the price was around £8000) I'll be getting back, plus profit, later on down the road. ;)
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So you've spent around £370 and have nothing in return... thats all we needed to know ;)
Another fall yesterday after the BIS head called Bitcoin a Ponzi scheme and a threat to financial stability lol and Lloyds and Virgin have blocked the use of their credit cards to buy cryptocurrencies now...
Not looking good on the old horizon there harv.. don't worry, you carry on HODLing lol ;D
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It's looking fine. Cryptocurrencies have started to rise in value again now. Like I've said before Bitcoin in particular will ALWAYS rise in value in the long term because of the way that it's set up. The early buyers and miners, who have several Bitcoin, won't be selling for years. Same goes for intelligent people like my good self that are just starting to get into mining. Bitcoin is going to be my third pension plan and will probably be worth more than the other two added together by the time I retire.
And that money I invested is going to see a return at the end of this month every day for the Bitcoin mining and some time next month for my Monero mining.
It's all looking quite rosy at the moment. The only minor grief I have is with my mining at home on my PC due to the difficulty levels rising, it's not bringing in as much cash as it was because the difficulty has gone up but it's still free money (because I'm not paying any more electricity because I always have my PC on 24/7 due to torrents).
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Well I can't believe you never switch your PC off - surely the mining is going to adversely affect your bandwidth - therefore making torrents download slower - therefore requiring your PC to be switched on even longer, therefore costing you more money overall. If you literally do leave it on 24/7 - then what would make you more money.. turning your PC off and not downloading torrents or downloading torrents and mining a currency that is eventually going to be worth nothing ;)
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The only time I switch it off is when I periodically turn it off to hoover my air filters, plus power cuts obviously. But it isn't off for long. And this hasn't just started since I started mining - I've ALWAYS had my PCs running 24/7 since I discovered eMule, Kazaa and torrents 20 years or so ago.
And I'm REALLY not worried about bandwidth issues because I have a 200 meg connection and because there's very little bandwidth that MinerGate uses anyway.
The only minor concern I have is with the CPU and and GPU running at around 60% capacity 24/7 but my PC is well equipped with fans so I don't have any heat issues at all.
The only time I'm not mining is when I'm in VR, and even then if I'm using Virtual Desktop to watch the football or a film in my virtual cinema I can still have 7/8 of my CPU cores mining without it affecting anything. Playing more demanding stuff like games means I have to stop mining alogether though.
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So if you have a 200 meg connection (which is the same as me now), you can download a 2hr film in 4k in probably under 20 minutes... so I really don't see why you would need it on all the time for torrents, seeing as you can download far quicker than you can watch or listen too.
You could probably turn it off at night.. even if its just 8 hours a day - you'd be saving a 1/3rd on your electricity bill on your PC - which would make you more money than mining a currency that is worth bobbins ;D
Also, PCs are designed to be turned on and off - by running them at full pelt all day, every day, the components are likely to fail quicker meaning more money down the drain ;)
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Torrents aren't all about downloading unless you're selfish. I upload tons of stuff too. I'm also a member of plenty of members only sites, three of which give you upload bonuses if you seed even if nobody is benefiting from your seeding.
And PCs are designed for long-term usage, the vast majority of servers run 24/7 without a problem.
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Looks like the crash is over and cryptocurrencies have recovered again. This wasn't the first crash and it certainly won't be the last. And when the next crash happens you'll get the same people harping on about bubbles and tulips only for the cryptocurrencies to recover yet again.
Bitcoin isn't going anywhere except up in the long-term. 8)
It's just gone to just over $10,000 and this time next year it might be worth 5-10 times more than that.
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Not quite.. you told people to buy 100 Ripple coins at $2.44 - its sitting at $1.11 - you've lost more than 50% of your money if you took Harvs advice.
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You wouldn't have lost a penny unless you were daft enough to panic sell. Sensible investment in cryptocurrencies is long-term rather than being in it to make a quick buck (or quid). And I did say at the time that it was a gamble.
Bitcoin is a different kettle of fish altogether as I've already explained. Buying Bitcoin and HODL is a great long term investment.
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Bollocks. My PC got hacked and I've lost around £500 worth of cryptocurrency. :(