Anyone cryptocurrency mine?

[Darren M]

Thanks gasser!

[Ratt]

One of my managers in Houston has a couple of mining rigs. One with 2 x 980 Ti cards, and one with 2 x RX 480 cards. He mines a few different currencies, currently, and he said one rig makes him about $5 per day, and the other makes him about $15 per day. His electricity usage for his whole house is around $20 a month, including running the rigs 24x7, so he's still making money on it. I just can't deal with the noise, and don't see myself investing in hundreds of dollars worth of custom cooling loops on top of the cost to build the machines in the first place, so not a good deal for me, but some people may still benefit.

[Unicorn Jeff]

Itbit.com says it's not accepting texas. How did you get around that, gasser?

[Gasser64]

Itbit.com says it's not accepting texas. How did you get around that, gasser?

Uh oh. I recommended some shit that doesn't work. Sorry about that. Up until now, I was using Coinbase:

https://www.coinbase.com/

But I was wanting to get away from them because their fees are too high for my liking. I transferred $2500 twice, and it was $36 each time. I asked around about somewhere with cheaper fees, and I was told to start using Itbit as they are much cheaper. But I haven't bought any more bitcoin with dollars since then, so I hadn't even tried to sign up over at itbit yet. It was my intention to sign up with them to either buy more bitcoin when I wanted to, or maybe to use them to transfer gains back to my bank account. I will now go look for another alternative that will accept Texas.

So I started this thread and hopefully we'll get some good alternatives:

https://bitcointalk.org/index.php?topic=2072904.new#new

That is the main crypto forum, shit tons of people on there. Loads of good info, but their search kind of sucks. You're better off using google as a means to search that forum. Just put "bitcointalk" behind whatever you're searching for. Seems to work well.

[Gasser64]

As for mining, if I was going to mine, I'd do a mining contract. Basically you just pay some company with shitloads of mining hardware, to do your mining for you. It looks like it takes about 8-10 months to pay off. The more computing power you buy, the bigger your gains will be. But I haven't looked into it very much.

https://hashing24.com/

[Gasser64]

The ones I'm watching today (8/8/2017) are Wings, TenX, and OmiseGo. These 3 are very solid projects that I wouldn't hesitate to tell anyone to buy and hold for a month or two. But as always wait for a dip.

TenX is (imo) awesome because its going to be a card you can get to pay for stuff with bitcoin and a few others.

OmiseGo is some type of payment platform overseas. Somehow its going to let you just pay for things with cryptocurrencies that you own. Its big in asia and pretty much all of asia (except for dirty N.Korea) is frothing at the mouth over cryptocurrencies. Omise just signed some kind of deal with Mcdonalds, where they'll be accepting OmiseGo as payment, and Mcdonalds will also be promoting it. They are just getting started and thus have a ways to go. That "ways to go" will be followed the whole time with price increases as they keep moving onward.

Wings seeks to be a platform for creating autonomous decentralized organizations. You kinda gotta be something of a techhead to understand this one. I know I wouldn't ever be using it for anything, except for investing in. Unlike TenX, which I'd use the shit out of. Wings doesn't actually create anything itself, but its a very powerful tool for other people to be able to.

[Gasser64]

Now a couple I would NOT invest in, ever.

Ripple - Created by banks. The circulating supply of ripple is gigantic, so don't expect much movement in price with ripple. If you believe in bitcoin's mission, and you are optimistic about the future of bitcoin and cryptocurrencies in general, then you can never in good conscience invest in Ripple. Its at odds with all the rest. 95% of all other coins out there (most of all bitcoin) are essentially seeking ripple's death. If you don't like banks, think they're evil and that their time on this earth should come to an end, ripple is not for you. Benjamin franklin is sort of the unoffical mascot of Bitcoin, if that tells you anything. But Ripple is one of the top dogs right now. They of course had the financial backing to make sure this was the case. I see ripple (aka xrp) as the banks attempt to weasel their way into the crypto world. Although they're bringing nothing to the table with it. They're not even going to be accepting the Ripple token at any bank.

Bytecoin - Bytecoin is nothing but the old, outdated, abandoned Monero. An analogy: Bytecoin is Windows XP, Monero is Windows 10. Bytecoin has no future, and I have this suspicion that it is only held in place by newbs who want a very cheap coin to invest in, in hopes that one day it will go up to $0.50 or $1.00

[jewozzy]

your picks have been pretty good. what are you concidering a dip for OMG? What do you think of NEO? My buddy thinks NEO will be around 100 at first of year.

[Gasser64]

your picks have been pretty good. what are you concidering a dip for OMG? What do you think of NEO? My buddy thinks NEO will be around 100 at first of year.

I wouldn't be surprised to see neo at $100 at some point. Imo all indicators point to it going there. But I like to stay on the conservative side, just in case. So I'm not sure about $100 by the first of the year. But I'd say its going to $50 at least by then. I wanted to buy them at $15 but all my money is in the other stuff. Back when Neo was antshares, I didn't want much to do with them because of the cutesy little ant logo, and the name. Didn't sound professional to me. So they rebranded to Neo, for those reasons lol. They said they didn't think westerners would take them seriously. Its chinese, but as we all know china is rising.

So yeah I'd buy Neo, but as always I'd wait for a dip. But I'll also say this. If I bought Neo right now at $35 and it then went down to $15, I wouldn't bat an eye. Cause its going back, and then further on. Just might take a few weeks or a month if it did happen. I don't think it will, but we recently had a market crash that took everything down by 40-50-60% lol. But that was a great time to buy in.

As for OmiseGo, I know they're not quite finished up yet. I mean the company, not the price. I think they've still got a few announcements left, a few news stories left to release. So knowing that, yeah they'll go up some when that news gets released and they finish up what they're doing. I am hesitant to recommend anyone buying it after it has seen such a big rise. In my experience that is when you will see a dip, and then it will remain lower (maybe $4.00?) for a couple of weeks before returning back to $6, and then slowly climbing higher. But its so hard to tell, it could go on up to $10 from where its at now. But I will say that its at about $6.00 now, and I don't have plans to sell until it hits $11.

After reading up on it, I bought it at $2.96 because I felt that it had proven itself. If it had gone back down to a dollar, I won't say that would have felt good but basically I wouldn't have cared. At that point I knew it had a future. I'd say that's actually the key here. Anything you want to buy, research the hell out of it. Here are my basic questions before I buy anything.

1. Does it seem like a good project to me? Does it have a future?

2. Even if it is a good project, is it something people will likely adopt? Will average joe be interested at some point?

3. What is its competition? What other coins are out there, that are trying to do the same thing, and how far along are they? (its awesome when there's no competition like with SafeX)

4. How many developers are on the team, and what are their reputations? What have they worked on before?

5. What country is the project happening in? - This is just something of a vague way to try to avoid scams. Its another reason why I was skeptical of Antshares.

6. Has it proven itself? -Not always possible, but you can still look at what work on the project they've completed so far, and how long it has taken them.

7. Who are its backers? -OmiseGo is of course backed by Omise, a seemingly reputable company over there. This is also not always possible, but if you find one that has big money behind it, yeah its probably going up. Course that is obvious but worth mentioning.

For anyone seriously considering diving in, I'd recommend you take this course. I did, and its a mere $10. Think of the devastation you could be spared just by spending $10 and some time. Once you take the course you'll get access to the facebook group.

https://www.udemy.com/cryptocurrency/

[jewozzy]

I've been thinking about the EFT GBTC. May be getting SEC approval before too much longer and being an ETF would be safer at lower dollar limits.

My buddy is hoping to put 8k in NEO on Monday. I'm wondering if theres going to be a good dip pretty soon. His goal wouldn't be to take it out for quite a while.

[Gasser64]

Well there will be another big market crash. Of course nobody knows when it will be, but they are what you might call fairly frequent. And its only a matter of time. If I was him, I'd wait until that next big market crash. Get the Neo for half price (or more), and then wait a month and watch it go back up to where it was before the crash. Then wait another 4 months and see it go to $50 or more. By my estimation he'll be well into the money if he does this.

[jewozzy]

Yeah sounds right. I am wondering if all this crap with N. Korea is whats fueling everything or if its just purely the popularity and marketing of the different coins as a whole. I'm interested in getting in at some point but like you're mentioning I want a pretty big dip before I'd feel comfortable.

[Gasser64]

For the asian craze I think it has to do with the good majority of people over there, not having access to banking. You'd think they would, but apparently they just don't. With crypto, you* are the bank. You've got many of the useful services of the bank, including some lending.


*very important to consider in terms of security. If you're going to buy thousands of dollars worth of coins, I'd get a Trezor.

[Gasser64]

An update, here's the one I landed on for buying bitcoin.

https://gemini.com/

But that may not be necessary, because you can just buy it straight from Bittrex, the american crypto exchange. Only problem with bittrex is, they are often somewhat late to the game when it comes to the new coins that are taking off. For that you usually have to use stuff like Coinigy, or Hitbtc.

[abecx]

Yeah sounds right. I am wondering if all this crap with N. Korea is whats fueling everything or if its just purely the popularity and marketing of the different coins as a whole. I'm interested in getting in at some point but like you're mentioning I want a pretty big dip before I'd feel comfortable.

Its segwit creating the increase currently, basically faster processing of transactions which makes the currency more realtime usable.

Bitcoins are popular in China simply because Chinese are not allowed to play the stock market of other countries they can only put money in China companies. However bitcoin is legal in China, so that is kind of a way around it.

If you sit around and play bitcoins like a stock market, you'll most certainly fail. Buy the coins with what you can spend at the time and sit on it.