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yukon

Bitcoin is Booming

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Want a bunch of broken bitcoin miners?

 

I would just mail you some working miners but yeah about that...

 

 

 

 

Do you really mine?

 

I've always wanted to try it just for the hell of it but figured the cost of the setup and electricity wouldn't make it worthwhile.

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Do you really mine?

 

I've always wanted to try it just for the hell of it but figured the cost of the setup and electricity wouldn't make it worthwhile.

 

Not anymore, before scrypt (Litecoin) Asics. It wasn't really worth it even back then. It was nice during the winter time, my antminer s1 used to keep my house warm.

 

White smoke poured out of it one day, fun little surprise.

 

I was doing it as a hobby, not seriously trying to make money (you can't unless you steal power and even then, hope your miner doesn't break, they make them in china...)

 

I had 5 gridseed dual miners, they were the first publicly available scrypt miners minus some really insanely overpriced USB dual miners, which anybody who bought those got completely screwed. They all broke in less than 3 months.

 

Pretty sure I toasted an AMD video card as well. I noticed it started crashing, I stopped mining, and then like a month later my video wouldn't turn on.

 

I mined like 5 BTC total. I used to trade on crpsy as well, got screwed, forgot about the account, cashed out what I had when BTC was like 550/coin. I forgot I had a bunch of random scrypt based coins on various pools, so I still have a handful of LTC.

 

I talked with a few "professional bit coin miners" and found out that they were just laundering money.

 

Not going to explain what they were doing but it's not really hard to figure it out.

 

If you want to buy a 100-500$ miner, understand that you won't make money, and just want to do it as a hobby, go for it. It's kind of a pain in the ass to setup the miners though. These things aren't designed to be user friendly like an apple product. If it's USB, you'll probably have a little dos command window on your desktop 24/7 while it mines.

 

I used to mine everything on multipool.us, it switches your miner to the most valuable coin to mine at the time, but the way the markets work out, it helps a little bit, but not that much.

 

As far as a "good investment" just get some hosting accounts and setup some "Money Volcanoes."

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Bitcoin price is SMOKING!

 

The price is currently at $650.46. That's up about +18% since I started this thread (12 days).

 

The marketplace is obviously reading this thread.  ;)

 

Seriously though, gold is up as well. From what I'm hearing and reading, there's a certain amount of fear around what's going to happen with the "Brexit" referendum.

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The marketplace is obviously reading this thread.  ;)

 

Seriously though, gold is up as well. From what I'm hearing and reading, there's a certain amount of fear around what's going to happen with the "Brexit" referendum.

 

 

Bitcoin price is still climbing. Current price is $689.27.

 

 

1144.jpg

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Has anyone looked into buy Ether and  the Wallet Setup ? trying to learn this and spent the past hour tonight reading and the brain is fading off into sleep land. I will come back latter this weekend and try to post what I learned. You can convert Bitcoin into ether and from what I read in a newsletter this could be a great investment a long with bitcoin.  Might have to look into mining this currency.

 

FYI - I do know about the recent attack on the platform by hackers.

 

View the product at Etherum.org could not get link to work.

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I just started seriously looking at BitCoin. I remember a few years ago when the value of a coin was $8.00.  What I can't figure out is converting the BC back into dollars.  I Googled a bunch of stuff the other night(actually about 3:00am), but my brain just couldn't absorb it.  Can anyone give me a quick summary of how it's done(I'm seriously mentally challanged at times? :-0

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I just started seriously looking at BitCoin. I remember a few years ago when the value of a coin was $8.00.  What I can't figure out is converting the BC back into dollars.  I Googled a bunch of stuff the other night(actually about 3:00am), but my brain just couldn't absorb it.  Can anyone give me a quick summary of how it's done(I'm seriously mentally challanged at times? :-0

 

 

 

Bitpay.com is probably one of the most trusted site that converts money back and forth between dollars and Bitcoin. They even have a Visa card which can be used anywhere Visa is accepted including ATMs (cash).

 

Read the FAQs on the bitpay site, they have a lot of info and some quick start tutorials.

 

Getting Started

 

Another popular site is coinbase.com

 

I can help you out with creating an offline Bitcoin wallet, I can even send you a few cents worth of Bitcoin for free just so you can mess around with your BC wallet sending transactions back and forth to yourself to see how it works.

 

Here's a bunch of BC info. I posted a year ago... Bitcoin - Let's learn together

 

Once you get setup with an offline wallet it really is as simple as sending an email.

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Bitpay.com is probably one of the most trusted site that converts money back and forth between dollars and Bitcoin. They even have a Visa card which can be used anywhere Visa is accepted including ATMs (cash).

 

Read the FAQs on the bitpay site, they have a lot of info and some quick start tutorials.

 

Getting Started

 

Another popular site is coinbase.com

 

I can help you out with creating an offline Bitcoin wallet, I can even send you a few cents worth of Bitcoin for free just so you can mess around with your BC wallet sending transactions back and forth to yourself to see how it works.

 

Here's a bunch of BC info. I posted a year ago... Bitcoin - Let's learn together

 

Once you get setup with an offline wallet it really is as simple as sending an email.

 

A Big Fat THANK YOU!  I'll get to reading

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24 minutes ago, yukon said:

Bitcoin price is +$1,300.

Lovin It!

Funny, when I started this thread BC was around $650, now it's exactly doubled.

You snooze, you lose.

I actually have BTC "trapped" in small amounts on several sites (from mining) that I'm considering cashing just to cover the money I exploded on some bad campaigns.

I don't really need to do this, I just want to make the money I destroyed go away.

Talking like ~ .1 BTC on several pools (each) that I didn't want to transfer because of the fees.

Edit: Mining BTC still the best way to explode computer hardware ever.

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9 hours ago, mki said:

I actually have BTC "trapped" in small amounts on several sites (from mining) that I'm considering cashing just to cover the money I exploded on some bad campaigns.

I don't really need to do this, I just want to make the money I destroyed go away.

Talking like ~ .1 BTC on several pools (each) that I didn't want to transfer because of the fees.

Edit: Mining BTC still the best way to explode computer hardware ever.

 

What I would do is exchange that Bitcoin for Ripple (XRP). Ripple is booming right now and extremely low priced, tons of transactions happening.

It's priced at $0.052589 (USD) which means you could buy 2,556 shares (minus 2% exchange fee) at the current BTC price. Let that sit for 6 months to a year and see what happens.

It's #2 out of all alt coins.

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12 minutes ago, yukon said:

 

What I would do is exchange that Bitcoin for Ripple (XRP). Ripple is booming right now and extremely low priced, tons of transaction happening right now.

It's priced at $0.052589 (USD) which means you could buy 2,556 shares (minus 2% exchange fee) at the current BTC price. Let that sit for 6 months to a year and see what happens.

Ripple has $1,066,112,891 worth of transactions in the last month. It's #2 out of all alt coins.

If people don't actually accept it for financial transactions I'm not interested in any "cryptocurrency investments." I really do think at some point that some governments will ban it's use as a currency.

From my observation while mining, every month there was a "coin of the month."

I mined the crap out of dogecoin while people on reddit were buying it to just give away I guess? The one thing that was nice about it, was that at the time, it was so easy to mine that I could still mine the coins myself without joining a pool.

Edit: Oh and, personally, I don't know anybody successfully mined and made money unless it was small amounts. After you pay your ridiculously high electric bill, you earn a small fraction of your initial investment, which shrinks every month in both value and mining capability.

So you either really need to be stealing power, or hardware, or both, or it doesn't really work. Now in theory, you could do better if you traded the coins. Many times the coins go up in difficulty after x amount has been mined, and that sometimes causes their value to shoot up. Other times, it just makes the coin pointless to mine.

I know the dogecoin thing might sound ridiculous because the individual value of a single dogecoin is like .00001 cents, but people were actually doing things with the coins, like tipping posters on reddit. So people would buy 5-10$ worth to give people coins if they liked their posts. This might seem minor, but the fact that people were actually using and buying the coins made it work.

Other coins were interesting to me as well, not because people bought and sold them, but because of what people used it for.

So there were coins like dark coin and anon coin. So people could send coins to an exchange, exchange it for say dark coin, then send the dark coin to their wallet. This would be borderline impossible to trace if they took a few more steps. From a utilitarian perspective, to me those coins seemed really interesting as investments.

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21 minutes ago, mki said:

If people don't actually accept it for financial transactions I'm not interested in any "cryptocurrency investments." I really do think at some point that some governments will ban it's use as a currency.

From my observation while mining, every month there was a "coin of the month."

I mined the crap out of dogecoin while people on reddit were buying it to just give away I guess? The one thing that was nice about it, was that at the time, it was so easy to mine that I could still mine the coins myself without joining a pool.

Edit: Oh and, personally, I don't know anybody successfully mined and made money unless it was small amounts. After you pay your ridiculously high electric bill, you earn a small fraction of your initial investment, which shrinks every month in both value and mining capability.

So you either really need to be stealing power, or hardware, or both, or it doesn't really work. Now in theory, you could do better if you traded the coins. Many times the coins go up in difficulty after x amount has been mined, and that sometimes causes their value to shoot up. Other times, it just makes the coin pointless to mine.

 

Just so you know, Japan's Gov has already made Bitcoin legal tender. Russian Gov is also working on accepting BTC. Also, millions of folks accept BTC. This is 2017.

Lets don't turn this into an anti-Bitcoin thread. If you're into crypto currencies, cool, If not, well, do the anti thing on another thread.

Not trying to be a dick, just showing folks that are interested there's a lot of money to be made (and no, not mining).

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19 minutes ago, yukon said:

 

Just so you know, Japan's Gov has already made Bitcoin legal tender. Russian Gov is also working on accepting BTC. 

Lets don't turn this into an anti-Bitcoin thread. If you're into crypto currencies, cool, If not, well, do the anti thing on another thread.

Not trying to be a dick, just showing folks that are interested there's a lot of money to be made (and no, not mining).

I haven't been paying attention to the coins because my miner died. A really interesting smelling white smoke came out of it.

Regarding being anti BTC: I'm not against cryptocurrency, but it's the bleeding edge. It could easily go one way or another. With that said considering my personal experiences, I'm done with it, but take this for example:

Apparently people are big into ETC now??!? Dude I used to mine that, it was total garbage so I traded it for BTC...

If there was some way for me to foresee what was going to occur, mining that coin could have easily made money, and so could have trading it.

Also: http://www.cryptsysettlement.com/ Seriously? Never mind. I got screwed. Again...

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This is about investing, not mining.

Here's the type of money exchanging hands on a regular basis (day/week/month).

You can make money from the top alt coins regardless of the date, today, tomorrow, next week, next year. I've already proven this on this forum thread ($650 vs $1,300).

 

 

114.png

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2 hours ago, yukon said:

This is about investing, not mining.

Here's the type of money exchanging hands on a regular basis (day/week/month).

You can make money from the top alt coins regardless of the date, today, tomorrow, next week, next year. I've already proven this on this forum thread ($650 vs $1,300).

I dug through my backups:

Trading Accounts:

Atomictrade - gone, no loss as far as I know (Edit: was supposedly acquired by Banx.io, then cryptomic.com, and is now coinigy.com ?!?! I'm very confused here.)

CoinMarket.io - gone, scam, no loss as far as I know

cryptorush - gone, I found out that it was a scam shortly after transfering some coins in, was able to get most of it out, minor loss

Cryptsy - Gone scam, lost 20+ LTC and minor amounts of many coins

Bittrex - I have 9$ worth of dogecoin stuck in a transaction

MtGox - Scam, no loss, I had no funds there at the time.

Pools:

multipool.us - I can not recover my password. Lost minor amounts of many coins. (I mined every coin at some point or another on that pool, but I know I was regularly cashing it into Cryptsy.) Not sure if I got scammed.

Not going to list the rest of them out since I most likely cleaned them out, or I have an amount of BTC that is under the TX fee, and the exchange will not let me transfer it as such (no fault of the pool, that's how it works.)

Uh so yeah, considering every single exchanged I used (excluding Bittrex) is shut down or was a scam, I will absolutely not be returning to the cryptocurrency game.

So would an investment in BTC have worked out profitable? I have no idea, there's so many ways to completely lose your BTC, it would really have depended on what exactly you did with it.

So, yeah, consider my experience a fair warning. I got completely screwed and lost thousands of dollars between scams, electricity, and broken miners, the broken miner being the biggest source of loss.

This isn't as simple as you buy x shares of y corporation at z dollars and then sell them through a reputable exchange for z*2 dollars where the exchange is regulated by laws which are enforced by various watch dog groups. I understand that's exactly the reason that some people are attracted to it as a form of investing. If you can successfully navigate the minefield of crooks and hackers and make money on the investment, good for you. I'm not suggesting there's anything wrong with that, I'm just saying, read what I'm saying and think carefully about your actions. Coins should be stored on your own wallet on your computer and you should make 100% certain that system is extremely secure (IE: not the computer you do work on daily. You wouldn't drive to the grocery store with 10oz gold bars sitting exposed on the passenger seat right?) Also, test the exchanges with fractional amounts of the final trade before you fully commit and preferably space it out so you can't get destroyed by a charge-back.

Edit: that's really sad about cryptsy. I'm pretty upset about that. Not so much that I lost money, but that it seemed to be the most legitimate exchange and I got scammed. Do I really bother trying to claim 20+ LTC and ~ .1 LTC each worth of 20-30 minor amounts of coins?

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You should never leave any coin online.

Anything done online should be a temporary transaction, you get in and out within a few minutes.

Keep an offline wallet for long term storage. I've been using the MultiBit HD offline wallet for a couple of years. Also backup to a USB drive. You can even print a backup out on paper as an additional backup If needed.

My advice is consolidate everything you have into an offline wallet, get organized and start from there. This way you're not running all over the internet guessing If you've lost something.

You got scammed because you set yourself up to be scammed (leaving coin online). The same will happen when you leave cash on a restaurant table and come back 2 years later looking for your money.

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