Cryptocoin Mining?

[Silverforce11]

Everytime someone loses money, someone is gaining it.

The opposite is also true. Everytime someone gains money on coins, someone else is losing money.

The money has to come from someone.

 

[suklee]

Roughly 450kh/s, probably a little bit less than that. With this difficulty I can hardly make 10k DOGE a day. That's pointless.

450 equates to roughly 0.14 ltc per day.

If you can get 10k doge a day, according to coinedup doge/ltc ratio of 0.000044 you'd get 0.44 ltc, so why would you mine ltc? Even if you make only half that, 5000 doge a day, you'd still come out better mining doge over ltc.

 

[Kallogan]

Yeah, don't do that. Diversify. Look at several horses and toss a little at each.

Luckily enough i did try that only with small amounts Now that i'm out of day trading and have a more clear picture of how crypto works, i have a safe strategy, so it should be fine. Just need to be daily updated about new cryptos and have a little patience.

 

[x3sphere]

You cannot be serious and recommend the average joe to invest real $$, their hard earned savings, into buying crypto coins as an investment. The crypto market shed nearly half its value, or over 5B in recent times. A lot of people lost a LOT of money with the recent market trauma.

You call me optimistic when I say an R290 pays for itself in a few weeks. That's not optimism, thats history, its repeated here over and over. For someone who isn't keen sensed on markets, mining is infinitely safer with lower rewards.

Agreed, I've made a nice chunk of BTC from mining doge with only three 7970s (jumped on when the diff was 7 or so). I've paid for the cards already and then some. It wasn't on an exchange when I started mining it, so buying would have been difficult. I only saw some people selling them on forums and it's easy to get scammed that way.

Having a mining rig around to take advantage of these opportunities is handy. And yes, I could have bought some doge when it hit Coinedup at around .33/million and more than tripled my money but that was a huge risk. I only risked like $10 dollars in electricity, which wouldn't have bought me many doges anyway.

If you are investing thousands of dollars in a mining setup, like that guy with over 20 7950s, then I agree that can be risky, mainly because of the upkeep though. Most people here are just using a spare computer or two, easy to monitor and practically no risk. Even if all coins go to zero which is extremely unlikely and you bought 3 7970s let's say, you're still going to be able to sell those cards for a decent amount. Most you'd lose is like $100 per card unless you bought at inflated prices.

 

[blackened23]

My only vested interest is in a giant pile of Doge i gained via trading, which started with a small pile via mining.

The more people that jump on Doge, the more resilient it will be in the long run, win for all! To the moon!

ps. What exactly is your vested interest since you keep on recommending people away from mining and to spend their $$ buying coins instead? There's a long history of you doing that in this thread, its quite obvious.

So do you work for an AIB that manufacturers AMD cards? Or are you involved in the sales of AMD cards? Just curious. How is that not a vested interest?

 

[SunnyD]

Vircurex is trading DOGE now as well.

3 major exchanges, 1 minor exchange. I'd say DOGE is here to stay.

 

[taq8ojh]

I heard some rumours about cryptsy being a scam or something, or suspicious fees being taken from accounts without any apparent reason. Is there any truth to such talk?

 

[SunnyD]

I heard some rumours about cryptsy being a scam or something, or suspicious fees being taken from accounts without any apparent reason. Is there any truth to such talk?

There have been questions about what Vern does with funds, why there are such long holds on deposits and withdrawals, occasional missing funds (that are usually rectified with an audit), etc.

For example, why did it take the better part of 12 hours for my deposit of DOGE to even show up the other day, let alone sit pending for several more hours with 200+ confirms despite their policy saying only 6 confirms needed? It's stuff like this which makes people openly question what goes on with Cryptsy. Personally, "meh".

 

[stahlhart]

Any further derailing of this thread with personal confrontations will be met with infractions.
-- stahlhart

 

[UNhooked]

So how does one keep abreast of new coins coming in?

 

[xodusgenesis]

bitcointalk.org and other crypto forums. Reddit is also a good place

 

[thilanliyan]

Also, can't mine doge on any pools now. Just mining LTC until I setup multiple doge pools. Who knows when that will be. These sites are completely useless. Jesus....

Dogehouse.org has been online for me for the last day.

 

[ultimatebob]

So how does one keep abreast of new coins coming in?

There is an Alternate Currency sub forum in the Bitcoin Forum where they get announced.

Personally, I've been trying to stay away from the dodgey coins (pun somewhat intended) and try to go for the more stable coins like Litecoin and Bitcoin. Finding a reliable mining pool and exchange site for the new alt coins just seems like too much work for the extra reward.

 

[UNhooked]

There is an Alternate Currency sub forum in the Bitcoin Forum where they get announced.

Personally, I've been trying to stay away from the dodgey coins (pun somewhat intended) and try to go for the more stable coins like Litecoin and Bitcoin. Finding a reliable mining pool and exchange site for the new alt coins just seems like too much work for the extra reward.

Currently I am more interested in new SHA-256 coins before the difficulty sky rockets

 

[chimaxi83]

There is an Alternate Currency sub forum in the Bitcoin Forum where they get announced.

Personally, I've been trying to stay away from the dodgey coins (pun somewhat intended) and try to go for the more stable coins like Litecoin and Bitcoin. Finding a reliable mining pool and exchange site for the new alt coins just seems like too much work for the extra reward.

Sometimes, it's worth it. I've mined 4.5 BTC in ten days via Doge > BTC with minimal effort, other than placing a few new addresses in my cgminer.conf file. I did get in with very low difficulty though.

 

[UNhooked]

Yep I think that's key to get in when difficulty is low.

 

[Chiropteran]

The opposite is also true. Everytime someone gains money on coins, someone else is losing money.

The money has to come from someone.

Not always.

Coin is worth $10.

Spike in value, coin goes up to $15. Nobody lost money so far.

Newcomers buy some of coin for $15 each, they might be paying more than $10, but they didn't "lose" money because they don't value the coin at $10, they value it at $15.


Only if you assume the final life of the coin is to end at $0 does it need to be a zero-sum game. If the coin is a long term success, there can be many winners and few losers.

Actually thinking about it, it's a lot like printing money. If cryptocoins are used alongside USD, making new cryptocoins is a lot like printing more dollars in overall effect. So I guess indirectly there are losers, but they are the people who hold USD as their paper gets inflated away as more and more money is "printed" in various ways.

 

[f1sherman]

If it wasn't for Doge, GPU mining would have already been dead.

For me at least; $4 for having my PC hijacked 24h/day (LTC). *&$#@ that.
I'd make more moneys renting it to the local kids lol

Quick calculation says 32 mining days to earn 1BTC, but I doubt my GPU mining will ever return $550 for my R9 290. But I already knew that, despite all Calculators out there.
All I have hoped for is to return some of the money.

My GPU purchasing decision...here is how it went:

• GTX 760 - fast enough today, but what about 2014
• 7950/7970 - barely available/ I lose NV perks
• 770 - just fast enough/ 2GB RAM

So that left me with 780 or R9 290.
And I chose later because... I'll be able to return say $200-300, right? A plan which turned out all right(I have to work out how to convert BTC to fiat...hmm)

So far my only regret is not speculating.
Then again, with lockedep.com being the only Doge trading place for quite some time, and with ridiculous time to deposit @ Cryptsy.com... I wonder.
I'm probably better off without it.

The biggest problem is doges took over my PC

 

[24601]

If it wasn't for Doge, GPU mining would have already been dead.

For me at least; $4 for having my PC hijacked 24h/day (LTC). *&$#@ that.
I'd make more moneys renting it to the local kids lol

Quick calculation says 32 mining days to earn 1BTC, but I doubt my GPU mining will ever return $550 for my R9 290. But I already knew that, despite all Calculators out there.
All I have hoped for is to return some of the money.

My GPU purchasing decision...here is how it went:

• GTX 760 - fast enough today, but what about 2014
• 7950/7970 - barely available/ I lose NV perks
• 770 - just fast enough/ 2GB RAM

So that left me with 780 or R9 290.
And I chose later because... I'll be able to return say $200-300, right? A plan which turned out all right(I have to work out how to convert BTC to fiat...hmm)

So far my only regret is not speculating.
Then again, with lockedep.com being the only Doge trading place for quite some time, and with ridiculous time to deposit @ Cryptsy.com... I wonder.
I'm probably better off without it.

The biggest problem is doges took over my PC

Sounds like exactly the same scenario I was in when I purchased my first 7970 in February of this year

 

[Binky]

I'm still waiting after 12+ hours for a doge transfer to hit cryptsy. It's sitting in unconfirmed. Avoid this site until they get their act together.

 

[f1sherman]

Sounds like exactly the same scenario I was in when I purchased my first 7970 in February of this year

It just sounds that way. You had your HW during LTC craze.

Me, I'm glad that phase ended, because I doubt I would have stuck with the plan and with that sorry mining rate.

I'm still waiting after 12+ hours for a doge transfer to hit cryptsy. It's sitting in unconfirmed. Avoid this site until they get their act together.

First transfer (the one when they opened up Doge) took 6 hours, 2nd one took 12+ h

 

[24601]

It just sounds that way. You had your HW during LTC craze.

Me, I'm glad that phase ended, because I doubt I would have stuck with the plan and with that sorry mining rate.

Not sure if selling 300+ LTC @ 0.80 USD each counts as "sticking with it"

But yeah if you have the hardware, at least mine overnight and when you're at work. LTC's not going to go under cost of electricity very soon.

I predict maximum difficulty around 5000. There just isn't enough cards in circulation to go much higher.

Difficulty * 2^32 / 150 seconds = Hash/second

5000 Difficulty ~= 143,000 MH/s

143,000 MH/s = 204,285 7950/7970/280x/290/290x @ 700 kh/s each

 

[f1sherman]

Not sure if selling 300+ LTC @ 0.80 USD each counts as "sticking with it"

But yeah if you have the hardware, at least mine overnight and when you're at work. LTC's not going to go under cost of electricity very soon.

zomg... you see... that why I don't beat myself too hard for sticking with 50/50% plan - Keeping 50% of mined Doges and converting 50% to BTC.

Sold 200,000 DOGE @ 0.0000005 = 0.1 BTC
Kept 150,000 DOGE (0.2BTC???)

300+LTC @ $0.80.............at least you got your fiat.
Don't think too much about it; no one can know what happens tomorrow.
All this is simply too complex to come up with reasonably secure predictions.

But yeah if you have the hardware, at least mine overnight and when you're at work. LTC's not going to go under cost of electricity very soon.

I predict maximum difficulty around 5000. There just isn't enough cards in circulation to go much higher.

How come the bulk of LTC miners remain in LTC network. That what I want to know. And for how long.

 

[24601]

How come the bulk of LTC miners remain in LTC network. That what I want to know. And for how long.

I'm sticking to LTC because I'm in a premium PPS pool that is created by one of the major developers of LTC.

I only started crypto because of the PPS pools. PPLNS is a recipe for scamming.

BTC-E is also as far out of US reach as you can realistically be.

That's what makes LTC stable for me.

It'd be much easier for the US Gov to just torture/blackmail my crypto out of me than to get it from BTC-E.

Now that MT.GOX is useing the exact same payment processor as BTC-E (Mayzus Financial Services) any reason to use MT.Gox that may have been there before is 100% gone.

 

[nwo]

I'm still waiting after 12+ hours for a doge transfer to hit cryptsy. It's sitting in unconfirmed. Avoid this site until they get their act together.

First transfer (the one when they opened up Doge) took 6 hours, 2nd one took 12+ h

Yeah, I think I'll avoid it for a while. Although I don't think anything is worse than having your funds locked at lockedup