Cryptocoin Mining?

[Kallogan]

i know it's kind of funny to see some elitist btc-e traders who were denigrating doge in the trollbox few days ago now betting on that supposed satire coin buy orders are pilling and the thing flies right now.

 

[SunnyD]

Getting an awful lot of rejects as of this morning for some reason with doge on multiple pools. Weird.

 

[prolific96]

Only a matter of time until 290/290x's are flooding ebay as mining is approaching the cost of electricity with the current downwards trend.

 

[ultimatebob]

Such amaze! Cute shibs meme wow factor, wow!

Oy... If someone ever talked to me like that in real life, I would punch them in the face

 

[ultimatebob]

i know it's kind of funny to see some elitist btc-e traders who were denigrating doge in the trollbox few days ago now betting on that supposed satire coin buy orders are pilling and the thing flies right now.

I still think that Doge is going to become yet another failed altcoin once they stop handing out those 1,000,000 coin rewards for finding a block. Until then, you can probably make some good money day trading the price swings... But then you can do that pretty with a bunch of the other cheap crypto currencies as well.

 

[holden j caufield]

Getting an awful lot of rejects as of this morning for some reason with doge on multiple pools. Weird.

can't even connect to luckyminers or scryptpools

 

[JDG1980]

can't even connect to luckyminers or scryptpools

I tried to connect on netcodepool this morning and was also unsuccessful.

 

[SunnyD]

can't even connect to luckyminers or scryptpools

I'm talking on known working pools (doge.netcodepool and fast-pool.net).

I'm getting a lot of "[Errno 1] Operation not permitted" errors with those blocks getting rejected. This is new as of this morning.

 

[suklee]

I'm talking on known working pools (doge.netcodepool and fast-pool.net).

netcodepool not working for me at the moment

 

[AnonymouseUser]

Multipool has added Dogecoin to it's pool, and you can mine it directly if you wish.

 

[xodusgenesis]

hashfaster also has a doge pool that has been pretty stable

 

[blastingcap]

This should be renamed the Gambling Thread lol

 

[BallaTheFeared]

This should be renamed the Gambling Thread lol

lol I agree, you're basically betting on which coin (which you can feasibly mine at any appreciable rate) will bubble the most.

That said I wouldn't get too down about the massive profit loss... Going from what I was getting a few weeks ago before I got out at $35 a day to $3 is a pretty epic swing. That said when I started mining LTC it was $10 a day, when I stopped it was $3. The truth of the matter is when I finally sold a few to buy a 780 and a few Christmas presents I had actually been mining at a valuation of $42, not the $1.50 they were worth at the time.

Moral of the story is this is when you can either keep going and lose electricity costs, or perhaps with luck, make bank in a few months when it peaks past the last high as it always seem to from the pump and dump scheme the entire thing seems to operate on.

 

[SunnyD]

This should be renamed the Gambling Thread lol

Indeed. It is rather off topic for the sub it's in. However, we don't really have any decent place to put this conversation. The mods are indeed aware of it by the way, which is why they've left things alone. Better to keep everything contained in one spot while they figure out what the best course of action for the long term is.

 

[nwo]

Does anyone mine memorycoin? I can't figure out how to get paid in this thing. I have been mining for several days now and still haven't received anything.

 

[Naer]

Bitcoin is no more than a way to make safe drug purchases

 

[Attic]

Only a matter of time until 290/290x's are flooding ebay as mining is approaching the cost of electricity with the current downwards trend.

Wondering about the same. Newegg is now keeping stock with their absurd prices instead of instantly selling out.

Someone explained it earlier, but a 50% crash in BTC or LTC doesn't represent just a 50% loss in profits. It could represent a total loss or more of profits if electricity expensive. It most likely represents 70-80% loss of mining profits for most miners. ie) If revenue from mining is 1000 a month and electricity costs are 400, then that represents a 600 profit. If BTC/LTC drop by 50% value then that revenue drops by 50% to 500 but electricity costs stay the same at 400. Profits went from 600 to 100, over 80% profit hit.

Wow.

 

[SunnyD]

Does anyone mine memorycoin? I can't figure out how to get paid in this thing. I have been mining for several days now and still haven't received anything.

CPU coin, low hash rate, low reward rate, low block rate, no pools. It's designed to be really painful to mine on purpose (well, maybe not, but shortsightedly anyway). Basically, you have to be really f'n lucky to find a block.

 

[f1sherman]

CPU coin, low hash rate, low reward rate, low block rate, no pools. It's designed to be really painful to mine on purpose (well, maybe not, but shortsightedly anyway). Basically, you have to be really f'n lucky to find a block.

not to mention premined and almost impossible to sync the wallet uke:

 

[thilanliyan]

Wondering about the same. Newegg is now keeping stock with their absurd prices instead of instantly selling out.

Someone explained it earlier, but a 50% crash in BTC or LTC doesn't represent just a 50% loss in profits. It could represent a total loss or more of profits if electricity expensive. It most likely represents 70-80% loss of mining profits for most miners. ie) If revenue from mining is 1000 a month and electricity costs are 400, then that represents a 600 profit. If BTC/LTC drop by 50% value then that revenue drops by 50% to 500 but electricity costs stay the same at 400. Profits went from 600 to 100, over 80% profit hit.

Wow.

However, as Balla mentioned above, some people will mine regardless of the current profit if they think that prices will go up. If this is your ONLY income I can see someone stopping, but if you have a regular job and a bit of spare income to cover electricity costs why not continue if you think prices will go up?

 

[Torn Mind]

Not true, difficulty spiked massively and the flow of Doge is slowed.. sad shibes everywhere, fewer coins to play with.

As more people pile on, it will get to a point where Doge will trickle in via mining.. and what happens if it becomes only equal to other altcoins to mine? Price would have to skyrocket to match. Early adopters with hordes of Doge wins.

We've seen the same thing happen to Devcoin, Digitalcoin, Feathercoin etc etc. They all started out as next to worthless, and people mined heaps per day, until it all slow down, and now they are worth something.

I wrote my post at time where difficulty was transitioning to harder ones. Now, the inflation rate should be lowering itself. Pretty much, these coins give an excellent simulation of different levels of inflation rates(and how tempting it is for the money printers to keep on printing ). From ridiculously high in the beginning to 0% when all coins are mined(then deflation occurs when coins get lost).

If there were a real society with that used an altcoin right from the beginning, everyone living under it and actually trying to do business with that coin during the early stages of the coin's life would be wrecked since so much money is pumped into the system initially.

 

[Torn Mind]

This should be renamed the Gambling Thread lol

Exchange rates and other topics in Macroeconomics, with case studies involving Bitcoin, etc.

 

[f1sherman]

i know it's kind of funny to see some elitist btc-e traders who were denigrating doge in the trollbox few days ago now betting on that supposed satire coin buy orders are pilling and the thing flies right now.

hahaha it's exactly those purists whining against meme-coin that are driving ĐOGE price UP

Straight Success! WOW Such Amaze :thumbsup:

 

[MrDark]

 

[xodusgenesis]

HAHA that's hilarious. He must not be married