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Author Topic: Cryptocurrencies  (Read 11716 times)

Offline harv

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Cryptocurrencies
« on: December 30, 2017, 12:21:25 AM »
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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Offline jman

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Re: Cryptocurrencies
« Reply #1 on: December 30, 2017, 05:51:20 PM »
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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Offline harv

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Re: Cryptocurrencies
« Reply #2 on: December 30, 2017, 06:24:51 PM »
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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Offline harv

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Re: Cryptocurrencies
« Reply #3 on: December 30, 2017, 06:29:18 PM »
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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Offline harv

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Re: Cryptocurrencies
« Reply #4 on: January 03, 2018, 05:15:56 PM »
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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Offline harv

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Re: Cryptocurrencies
« Reply #5 on: January 04, 2018, 01:53:06 AM »
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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Offline Dragontao

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Re: Cryptocurrencies
« Reply #6 on: January 07, 2018, 06:23:36 PM »
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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Offline harv

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Re: Cryptocurrencies
« Reply #7 on: January 07, 2018, 07:37:52 PM »
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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Offline harv

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Re: Cryptocurrencies
« Reply #8 on: January 08, 2018, 08:00:32 PM »
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
« Last Edit: January 08, 2018, 08:02:12 PM by harv »
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Offline jman

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Re: Cryptocurrencies
« Reply #9 on: January 08, 2018, 10:19:21 PM »
This is your chance to buy in then surely? ;D
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Offline harv

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Re: Cryptocurrencies
« Reply #10 on: January 09, 2018, 12:13:56 AM »
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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Offline Dragontao

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Re: Cryptocurrencies
« Reply #11 on: January 10, 2018, 06:51:14 PM »
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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Offline harv

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Re: Cryptocurrencies
« Reply #12 on: January 11, 2018, 01:06:03 AM »
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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"This you have to understand. There's only one way to hurt a man who's lost everything. Give him back something broken."

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Offline harv

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Re: Cryptocurrencies
« Reply #13 on: January 17, 2018, 04:04:43 PM »
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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Offline jman

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Re: Cryptocurrencies
« Reply #14 on: February 01, 2018, 10:01:59 PM »
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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