Jewtoys Posted October 27, 2017 Report Share Posted October 27, 2017 As the title states, anyone here doing this? Awhile back I had free server rack space, and had a decent setup going.... I haven't paid attention in some time, but considering spending a few bucks on another setup, as I won't need to worry about electricity again... Quote Link to comment Share on other sites More sharing options...
STEVE-O Posted October 27, 2017 Report Share Posted October 27, 2017 It was a good idea but after research it seems like a program that is not exactly up and up on the legality portions and if you look at market it rollercoasters at a given moment. There is even a documentary on Netflix about it now that gives some decent info obviously not all but it’s still a good watch. Like anything else there are some good pros but for me the cons always have outweighed the appeal to invest in bitcoin Quote Link to comment Share on other sites More sharing options...
coltboostin Posted October 27, 2017 Report Share Posted October 27, 2017 I'd play this short if you can ALL day. Quote Link to comment Share on other sites More sharing options...
Doc1647545523 Posted October 27, 2017 Report Share Posted October 27, 2017 The mining aspect of it is not profitable enough to be worth considering by most. However, as an investor I've made some substantial money on bitcoin, ethereum and litecoin. I took profits out, but have kept a considerable amount in all three for the long term. At this point, I think everyone should own at least one bitcoin, but time will tell. Quote Link to comment Share on other sites More sharing options...
Jewtoys Posted October 27, 2017 Author Report Share Posted October 27, 2017 The mining aspect of it is not profitable enough to be worth considering by most. However, as an investor I've made some substantial money on bitcoin, ethereum and litecoin. I took profits out, but have kept a considerable amount in all three for the long term. At this point, I think everyone should own at least one bitcoin, but time will tell. Considering power costs are zero, that's the only reason I'm considering once again. I made a very nice return in the past. Only wish I held out.... Oh well Quote Link to comment Share on other sites More sharing options...
Zx2guy19 Posted October 27, 2017 Report Share Posted October 27, 2017 I don't get what it is. I've read about it online numerous times and just really don't actually comprehend it. Can someone give me the "I'm a fucking idiot" version? Quote Link to comment Share on other sites More sharing options...
Doc1647545523 Posted October 27, 2017 Report Share Posted October 27, 2017 I know I can't give a very good explanation of what values cryptocurrency. What I think I can say with confidence is that cryptocurrency investing is highly volatile and I strongly urge that anyone gambling in it be prepared to loose every cent you put towards it. Obviously, I'm okay with some gambling. Right now my investment amount has been fully recouped and withdrawn and what I've left at risk may very easily soon be worth more than all my other assets combined. No stock or commodity has ever done so much for me and so fast. Quote Link to comment Share on other sites More sharing options...
BigOxley Posted October 27, 2017 Report Share Posted October 27, 2017 I recently got into some alt coins, only with money I'm willing to lose. made some money in ethereum. Litecoin has been a dud. Put some money in an ICO for the first time. Sent from my iPhone using Tapatalk Quote Link to comment Share on other sites More sharing options...
Tractor Posted October 30, 2017 Report Share Posted October 30, 2017 I've looked into it since I have what I thought was a lot of processing power in my server's thats just idling anyway and found that these days CPU's are worthless, GPU's aren't much better and that you need at least dedicated ASIC gear to do anything with mining. It would probably be more profitable to just day trade it like any other currency. Quote Link to comment Share on other sites More sharing options...
99StockGT Posted October 30, 2017 Report Share Posted October 30, 2017 The mining aspect of it is not profitable enough to be worth considering by most. However, as an investor I've made some substantial money on bitcoin, ethereum and litecoin. I took profits out, but have kept a considerable amount in all three for the long term. At this point, I think everyone should own at least one bitcoin, but time will tell. That's a pretty wise investment strategy, and great feedback. Personally I look at it similarly to going to the blackjack tables at the casino. Only take in what you can stand to lose, play with your initial buy in then move that into a pile of "do not touch" play on the houses money from there on in. Worst case, you walk away with what you put in plus experience/knowledge(hopefully) Quote Link to comment Share on other sites More sharing options...
CRed05 Posted October 30, 2017 Report Share Posted October 30, 2017 I mined some about 5 years ago that was worth about $3. Today they are worth $38...win? Quote Link to comment Share on other sites More sharing options...
Geeto67 Posted October 30, 2017 Report Share Posted October 30, 2017 I mined some about 5 years ago that was worth about $3. Today they are worth $38...win? Win. Plus you learned the #1 lesson: you have to have money to make money. If you bought $3000 worth of bitcoin at $3 they today they would be worth $38,000. This is why most track investment by a % of rate of change (in this case you saw a 1260% ROI on your original investment - which is bonkers). The more money you have in, the less rate of change you need to make or lose money. Quote Link to comment Share on other sites More sharing options...
ShowHBK Posted October 31, 2017 Report Share Posted October 31, 2017 not worth your time...period. Quote Link to comment Share on other sites More sharing options...
Exodus Posted November 1, 2017 Report Share Posted November 1, 2017 I'm satisfied with my bitcoin and ethereum returns. I got in on ethereum when it was 10 bucks in 2016. I have some dollars in some alt coins such as neo and have my eye on a few upcoming tokens Crypto currencies are no more valuable than the US dollar. It's just another fiat currency. However, I think there is an opportunity to make some money. Like DOC said, treat it like you will lose every cent. Sent from my SM-G955U using Tapatalk Quote Link to comment Share on other sites More sharing options...
Geeesammy Posted November 1, 2017 Report Share Posted November 1, 2017 not worth your time...period. Bitcoin and Ether have proven to be profitable enough for me that I didn't need to save a penny for a down payment for a house. But then again I have a dedicated rig I got dirt cheap and have no overhead on using it electricity wise. Quote Link to comment Share on other sites More sharing options...
ShowHBK Posted November 1, 2017 Report Share Posted November 1, 2017 Bitcoin and Ether have proven to be profitable enough for me that I didn't need to save a penny for a down payment for a house. But then again I have a dedicated rig I got dirt cheap and have no overhead on using it electricity wise. I get that... The problem I have with everything is that the values are all theoretical. What I mean is that the projected profits from a system are only based on a 100% up time on Power, Internet, and Components. If one of these things goes wrong then you lose potential for every second the system is down. My internet goes out at least once a week from my ISP and you need to invest ~$2000 (not mandatory, just an average figure) into the system to get started. Return on the ~$2000 investment does not happen until about the 8th month mark in most cases. ALL of this assuming the market value does not tank of whatever you are mining, unless you have a bot searching and dynamically switching for you. I had a buddy of mine tell me to try the PayPal line of credit to get mine going. Paypal lets you take out $2000 or $3000 with zero payments over 6 months. He ran the calculations back in July and found that I would have generated ~$1299 off the rig in 6 months time. this all assuming NOTHING went wrong with it during that time. Power, Internet, and Components all would have to run 24/7 for me to hit that number. I would have owed PayPal ~$700 on a rig that may or may not hit that target mark. Return on investment was projected at the 10th month, generating pure profit. The thing that scares me away is the risk involved... Much like the stock market. You could win big or lose hard... its the nature of the beast. If you have the spare $2000 laying around and want to build a kick ass miner, have at it! The fact that 8-10 months of mining to pay off the machine and the assumption that Power, Internet, and Components all hold out scares the shit out of me. I have enterprise class switches that go out all the time around my work and I have to replace them. Shit breaks and I just don't have the spare income to invest in this sort of thing, so to me it's a complete waste of time. Quote Link to comment Share on other sites More sharing options...
Supplicium Posted November 1, 2017 Report Share Posted November 1, 2017 I'm satisfied with my bitcoin and ethereum returns. I got in on ethereum when it was 10 bucks in 2016. I have some dollars in some alt coins such as neo and have my eye on a few upcoming tokens Crypto currencies are no more valuable than the US dollar. It's just another fiat currency. However, I think there is an opportunity to make some money. Like DOC said, treat it like you will lose every cent. Sent from my SM-G955U using Tapatalk How is bitcoin a fiat currency when not one government on this planet backs it Bitcoin and "dollars" are common in the sense they have no intrinsic value but thats it. Quote Link to comment Share on other sites More sharing options...
ShowHBK Posted November 1, 2017 Report Share Posted November 1, 2017 How is bitcoin a fiat currency when not one government on this planet backs it Bitcoin and "dollars" are common in the sense they have no intrinsic value but thats it. This is more a analogy then a literal statement... But, think of "Bitcoin" or other cryptocurrency value as a fluctuating "Reward" for doing "Work" The "Work" is that your computer solves and verifies "hashes" or extremely complex numbers and the "Reward" is a fraction of a number of the currency you are mining. You will never get "1" whole value as the reward, it always tends to be a fraction of a number. Bitcoin is not a physical currency that belongs to ANY country or government. Instead it is a "free market" currency or "universal" currency. The value assigned to it is similar to how the stock market works. More people solving hashes? the value goes down. Less people solving hashes? the value goes up. Now, this is not the ONLY thing that effects the value, just one of many. I am trying to keep it simple. TL;DR Bitcoin is a "Free Market" currency that belongs to no government or country, therefore other factors effect it's value such as number of people mining, trading, and many more. Quote Link to comment Share on other sites More sharing options...
Exodus Posted November 1, 2017 Report Share Posted November 1, 2017 I apoligize, I misspoke. I was trying to point out that there is no intrinsic value to bitcoin. However, even that is up for debate. Sent from my SM-G955U using Tapatalk Quote Link to comment Share on other sites More sharing options...
Jewtoys Posted November 1, 2017 Author Report Share Posted November 1, 2017 Bitcoin and Ether have proven to be profitable enough for me that I didn't need to save a penny for a down payment for a house. But then again I have a dedicated rig I got dirt cheap and have no overhead on using it electricity wise. That's why I'm considering getting back into a setup. No electricity costs. If I would have held out from my initial run, it would be worth millions. Quote Link to comment Share on other sites More sharing options...
Exodus Posted November 1, 2017 Report Share Posted November 1, 2017 What alt coins are you guys getting into? Neo? TenX? Sent from my SM-G955U using Tapatalk Quote Link to comment Share on other sites More sharing options...
BigOxley Posted November 1, 2017 Report Share Posted November 1, 2017 What alt coins are you guys getting into? Neo? TenX? Sent from my SM-G955U using Tapatalk A co-worker made $200k from a $7.5k from NEO, but I think the bubble is over. I think Ethereum is going to be the next Bitcoin, so it's probably a "safer" bet. A bunch of us got in Electroneum (not trading yet). One buddy likes CVC and ARK. I have some money in DNT Quote Link to comment Share on other sites More sharing options...
Exodus Posted November 1, 2017 Report Share Posted November 1, 2017 A co-worker made $200k from a $7.5k from NEO, but I think the bubble is over. I think Ethereum is going to be the next Bitcoin, so it's probably a "safer" bet. A bunch of us got in Electroneum (not trading yet). One buddy likes CVC and ARK. I have some money in DNT Been hearing about electroneum. I hear blockstack is coming out with a token. I may be interested in that. Sent from my SM-G955U using Tapatalk Quote Link to comment Share on other sites More sharing options...
Forrest Gump 9 Posted November 1, 2017 Report Share Posted November 1, 2017 Forgive my ignorance, how do you spend this “Bitcoin”? Quote Link to comment Share on other sites More sharing options...
Geeto67 Posted November 1, 2017 Report Share Posted November 1, 2017 Forgive my ignorance, how do you spend this “Bitcoin”? you buy drugs. Or pay an international ransom. Quote Link to comment Share on other sites More sharing options...
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