Cryptocurrency

Kris

Kris

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Nov 14, 2016
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Is anyone else on here investing and/or mining cryptocurrencies?

This year has been a crazy ride, I'm holding Bitcoin and Ethereum.

Ethereum last 3 months
pRElJPJ.jpg

Bitcoin last 12 months
aSsZHFj.jpg
 
I've been looking into mining again a bit. AMD cards are sold out EVERYWHERE I've looked, but unless I'm really dropping the ball on my math... It seems like any GPU's you buy will pay for themselves in about 3-4 months of mining ETH, even factoring in the cost of power. I tried to run the numbers with an AMD 460 which is about $150 give or take, and it seems like it can mine about $45 worth of ETH per month.

Am I missing something here?
 
I've invested $400 in Ripple when it was 0.01-2 and held it for a while, then decided I am not gonna invest into something I don't control and decided to completely leave crypto. Next day, ripple skyrockets to 0.3-4 and I could've had $10k.

I still am not gonna bother with crypto simply because it's better to invest into ur own business.
 
Tove said:
I've invested $400 in Ripple when it was 0.01-2 and held it for a while, then decided I am not gonna invest into something I don't control and decided to completely leave crypto. Next day, ripple skyrockets to 0.3-4 and I could've had $10k.

I still am not gonna bother with crypto simply because it's better to invest into ur own business.
Click to expand...

Damn man, that hurts.
 
Potatoe said:
I've been looking into mining again a bit. AMD cards are sold out EVERYWHERE I've looked, but unless I'm really dropping the ball on my math... It seems like any GPU's you buy will pay for themselves in about 3-4 months of mining ETH, even factoring in the cost of power. I tried to run the numbers with an AMD 460 which is about $150 give or take, and it seems like it can mine about $45 worth of ETH per month.

Am I missing something here?
Click to expand...

Sounds about right.

I mined Lite & DOGE coins back in 2013 for about 6 months (lucky I forgot about them, nice surprise when I see the current prices). Paid off the GPUs in about 3-4 months.

The noise of GPU cards running 24/7 eventually turned me off mining (and the heat).

In hindsight, wish I just bought crypto currency with the money I invested in hardware.
 
I sold some Bitcoin around $350 or so...

Honestly, I don't care at all about investing in cryptocurrencies, but I am extremely interested in the adoption of cryptocurrencies. When I lived in Austin I was pretty involved in the cryptocurrency scene, as an enthusiast of Austrian economics and anarcho-capitalism. I don't care if Bitcoin is valued at $100 or $5000, all I care about is the adoption of cryptocurrency by normal people and the emergence of an unregulated financial sector. So this crazy climbing of cryptocurrency prices is cool, but I'll be happier once everything is settled into a stable price (priced in precious metal, not USD). If this ever happens, I think it's still a decade or two down the road.

The best thing about these climbing values is all of the non-tech people that start paying attention and learning what cryptocurrency is all about. In the long-term, we're all winners if cryptocurrency goes mainstream.
 
Wish I would have gotten into Bitcoin a bit more when I first heard about it. Just holding those major crypto's is making me money. There are some pretty interesting Altcoins that I've invested BTC into like Siacoin that I will hold for a while like @Tove could have done if he didn't sell out too soon, sorry buddy. Personally, I like it better than the stock market, mostly because it never closes but it also feels like I have more control over my investment without having to pay ridiculous commissions to move it into something else. And it's fun.
 
Everyone is talking about it lately which is a bit suspicious. But I still believe that cryptocurrencies are the future money.

Check Tezos. It's coming this month.
 
Still looking for a platform that lets me trade BTC and Litecoin and Ethereum.

Anyone?
 
darkzerothree said:
Still looking for a platform that lets me trade BTC and Litecoin and Ethereum.

Anyone?
Click to expand...

IMHO shapeshift.io is the best platform at the moment. But I'm not sure if you can move between all three currencies (looks like Ethereum isnt avail).

You'd probably need to buy btc and exchange
 
I already own BTC...

For some reason coinbase needs my CC (even after transferring BTC) and for some unknown reason, my CC is getting rejected.
 
Potatoe said:
I've been looking into mining again a bit. AMD cards are sold out EVERYWHERE I've looked, but unless I'm really dropping the ball on my math... It seems like any GPU's you buy will pay for themselves in about 3-4 months of mining ETH, even factoring in the cost of power. I tried to run the numbers with an AMD 460 which is about $150 give or take, and it seems like it can mine about $45 worth of ETH per month.

Am I missing something here?
Click to expand...
Yeah that's about right and especially with the way Eth prices are traveling this year.

I'm mining Ethereum but I may have to just start purchasing it as the power prices are yet again on the rise in my city.
 
My 4 GPU rig lasted the summer of 2014 until California's tiered electricity billing caught up to me. The last few years could have turned out differently had I stayed put in the cheap electricity paradise of Washington state.

pfingy said:
When I lived in Austin I was pretty involved in the cryptocurrency scene, as an enthusiast of Austrian economics and anarcho-capitalism. I don't care if Bitcoin is valued at $100 or $5000, all I care about is the adoption of cryptocurrency by normal people and the emergence of an unregulated financial sector.
Click to expand...

The adoption of BTC is a beautiful thing especially in countries like China where the government mucks around with what you can do with money. I think in its purest forum a BTC transaction is a way of expressing freedom and that's why it's catching on.

Jitsiereveld said:
Edit: Also, check out Coinbase (super easy to get started and buy the major coins) and Uphold.
Click to expand...

On the other hand, Coinbase has been closing accounts for stuff that seems pretty trivial - buying grey-area nutraceuticals and funding gambling accounts. That's really tame stuff by darknet standards. I use Coinbase and like the convenience, but I trust them as much as I trust Paypal.
 
Pushup said:
On the other hand, Coinbase has been closing accounts for stuff that seems pretty trivial - buying grey-area nutraceuticals and funding gambling accounts. That's really tame stuff by darknet standards. I use Coinbase and like the convenience, but I trust them as much as I trust Paypal.
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I agree with you on that and basically use it to get one of the cryptos before moving it to one of my other wallets for its convenience. If you plan on holding anything long in there, I would recommend keeping it in a vault. Takes a little longer for it to be sent from them as a added security precaution.
 
Some big drops this week across most of the coins.
 
¿What do you think is the best cryptocurrency to mining at the moment?
 
@Vert You need to look up the GPU you'll be using and see how efficient it is for any given type of coin, then you can find "mining profitability calculators" for various coins.

So your search will look like

"[gpu model] hashrate [cointype]" or "radeon 580 hashrate eth"

and then

"[coin] mining calculator" or "eth mining calculator"

Take a peek at your power bill to see how much you're paying, and the specs of the card to see how much power it draws, and you'll have a decent idea which coins can earn you the most.
 
Vert said:
¿What do you think is the best cryptocurrency to mining at the moment?
Click to expand...
Personally I'd say Ethereum as the difficulty isn't too high yet compared to Bitcoin so you don't need an insane setup. It's recommended that you have at least a 8GB RAM card, or say 2x 4GB cards in SLI/Crossfire.

This site has a good profitability calculator - https://www.cryptocompare.com/minin...nit=MH/s&PowerConsumption=140&CostPerkWh=0.12

If you don't have a decent GPU but have a good CPU, there are some coins left that can be mined with the CPU like Zcash and Monero.
 
darkzerothree said:
Still looking for a platform that lets me trade BTC and Litecoin and Ethereum.

Anyone?
Click to expand...

Been using BTC-e.com for years with no issues. They have those and several more. It's got Russian owners though so they may be all up in your elections if you're not careful.
 
Actually got accepted in coinbase now and all is good.
 
pfingy said:
I sold some Bitcoin around $350 or so...

Honestly, I don't care at all about investing in cryptocurrencies, but I am extremely interested in the adoption of cryptocurrencies. When I lived in Austin I was pretty involved in the cryptocurrency scene, as an enthusiast of Austrian economics and anarcho-capitalism. I don't care if Bitcoin is valued at $100 or $5000, all I care about is the adoption of cryptocurrency by normal people and the emergence of an unregulated financial sector. So this crazy climbing of cryptocurrency prices is cool, but I'll be happier once everything is settled into a stable price (priced in precious metal, not USD). If this ever happens, I think it's still a decade or two down the road.

The best thing about these climbing values is all of the non-tech people that start paying attention and learning what cryptocurrency is all about. In the long-term, we're all winners if cryptocurrency goes mainstream.
Click to expand...

I agree, its like an odd balancing act... I get the designed volatility upfront to sell them as investment opportunities to 'people', but then...

1) somehow price stability has to take over before mainstream businesses can/will transact without ridiculous currency risk;
2) somehow there has to be a way to prevent heavy-handed governments from making any cryptocurrency transaction illegal (the way New York, Austin, and other cities made Uber illegal to protect their local tax/union interests), and thus killing mainstream legitimate acceptance.

#1? possible, maybe someday, though I'm not sure how.

#2? I don't see that ever happening.

Anyone here go through the Neteller experience? Awesome service, well-oiled machine, operating outside US jurisdiction... then some Arizona bible-thumping US senator decides to stick a rider on an irrelevant port security bill minutes before it was submitted for vote, and BAM... nighty-night, previously-legitimate-and-robust offshore funding industry.

Neteller was an offshore entity wrecked by some random US bill. Walmart (mainstream) will never bother to accept cryptos in the first place because they are not willing to operate in the grey and governments are not willing to be cut out of the currency control business.

That's not to say cryptos won't exist, or even that they won't be popular, its just that they'll never be mainstream... and that sucks.
 
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