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[Official] BitCoin LiteCoin DigitalCoin and all Crypto Currencies Club And General Information Thread - Page 1226

post #12251 of 22496
Quote:
Originally Posted by DiGiCiDAL View Post

This totally depends on your perspective and ultimate goals:

1) Quick and (relatively) easy money: use us.trademybit.com or middlecoin.com and exchange everything into BTC and then immediately into fiat or goods. Minimum risk, consistent (though also minimal reward). You can also use this to focus on a single coin during it's early stage without concern - provided it is on an exchange somewhere and hope for adequate returns. This would be KorruptedKaos' method.

2) Medium term with variable work requirement: use either us.trademybit.com or multipool.us or coinwarz and independent pools by coin and exchange. This requires a little more skill and research as something won't be profitable long (most likely) as it will be being dumped by all the big pools around the same time - thus driving the exchange price down each time. Coins with limited potential should be dumped quickly but timed during pumps - coins with good potential or growing popularity can be held for longer to get greater returns down the road. This would be similar to Jeffinslaw's methodology - although he also falls into category 3 somewhat.

3) Long term wealth building. This is where I fit in. I pick coins that I believe in personally and see long term growth potential in, either due to technology/market share (BTC/PPC/WDC/NMC) or popularity and application (BTC/LTC/DOGE). I then always provide some hash to the most profitable within those coins only - for two reasons, one to get coins for long term return potential, and two simply because my mining operation is helping provide a stable transaction backbone to said coin. Then the rest of my hashrate I focus on pump-n-dump coins that I don't feel have long-term potential but have great short term profitability (MAX/UTC/VTC/DGC/TIPS/MOON/???) and then pick one or two total 'wildcards' (like NUT) which have virtually no profitability nor popularity in comparison... because it costs me nearly nothing to acquire over time (difficulty stays low because huge pools aren't mining) and BTC was once like this when I originally started mining it.

I held on to my BTC through people telling me that they would never again be worth $1/ea through people saying they'll be worth $1M/ea someday... I didn't believe either of those types of people - but I believed in the concept. Now it doesn't matter what a BTC is worth on a daily basis... mine all combined cost me something like $2/ea in electricity and GPUs I wanted to buy anyway. smile.gif

How you go about mining/trading/spending cryptos is no different than it is with fiat in reality. You can take your paycheck and immediately spend it on stuff you want/need (#1), or you can spend some of it and save some of it for later on (#2), or you can invest nearly all of it in hopes that it will later be worth more than anything you could have bought with it in the short term (#3). Nearly all of that depends on your age, income, desires, philosophy, etc.. There really isn't a 'better' or 'worse' way... they're just different paths to different goals... pick the one that works for you. wink.gif

As far as what you're doing... I also have miners working on DOGE at the moment - and will continue to do so no matter how high the diff gets. For that matter I've also invested BTC into DOGE to increase my holdings (thankfully before the current rise in value) - but I mine it solely to provide hashrate and stability to transactions... because I personally believe that it will outlast LTC, and possibly even BTC. Not because it's better (it's not) or because it makes sense (it doesn't) but simply because more people actually use it on a daily basis than LTC and more people want it currently. kookoo.gif Couple that with the fact that it's actually designed right (although accidentally) so that there isn't a hard limit to it's mintage... and I think you have a winner that can go the distance (regardless of how unbelieveably stupid I feel every time I open the wallet). biggrin.gif

hold on a minuite! Digicidal so I use Multipool & middlecoin huh. considering they both suck & ive only used them for a bit your wrong in saying this is my category!

Also I have not mined a coin on coinwarz for the last 2 weeks! well apart from doge which sucked too!

Yes I do follow the new coins looking for maximum profits & dump them, what do you think miners with 100+MH are doing.

also how do you think they get there & afford to run it?

lets just make this clear, you have your method im sure. which is an entirely different concept to mine & id say isn't really suitable to most new comers in mining.
Considering you say your sat on enough bitcoins for 30 years of electric etc etc its not giving the smaller fish good advice really

also do you really think im going to invest that much money into crypto's for a long term prospect that could collapse tomorrow!
spending money on electricity & hardware that could net me a loss in the long run aswell!

Digicidal can I ask you are you running a farm, are you maximizing your profit into doubling your potential profit by increasing your output?
I don't know why but if I had as much bitcoin as I think you have, im sure you have a little farm right? 20+MH at least no?

Lets just say I think your method may work for you, but my goals are entirely different to yours. Mine is to build a farm from profits as I go as fast as I can!
that way I can maximize my output taking more/some of the profits & stashing it away for the long term into fiat. also if all crypto's goes down I wont have any or minimal money invested in it & wont lose anything
id still have some profit aswell from the resale of the hardware.

Minimal risk,Max potential profits in the long term.
Isnt that every investors motto?
Edited by korruptedkaos - 2/11/14 at 7:41am
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post #12252 of 22496
Quote:
Originally Posted by Krusher33 View Post

Quote:
Originally Posted by barkinos98 View Post

Quote:
Originally Posted by Krusher33 View Post

Quote:
Originally Posted by barkinos98 View Post

ok so
if you had $5k to make a mining rig would you go with several scrypt based ones or ASIC?

Didn't you ask this a couple of times already?
Maybe, i dont have a great memory :DDD
Quote:
Originally Posted by ivanlabrie View Post

Quote:
Originally Posted by Krusher33 View Post

Didn't you ask this a couple of times already?

lol he did xD

Dude, read the disclaimer, first post...we hate asics man, we're miners, the heart and soul of the BTC community. xD
We shalt choose which algo to use, and won't support crappy asicscammers.

but... but
gpus are way less efficient and more expensive to run

Then stop asking us if you're so sure. Order yourself the asics, let us know when you get it, and when you've made the ROI.

We strongly believe in going the GPU route because the difficulty rises so quickly when more ASICs gets used that it takes a heck of a lot longer to the ROI. The difficulty isn't going to be static.

With GPU's, there's always a developer making a new coin that is more ASIC resistance. When new GPU's are out, we sell our old ones to gamers. With ASICs, once they're useless because the difficulty is too high, they're useless... no one will buy them used.

We've already gave you our answers. What you choose to do with it is up to you. Stop asking it again and again if you've already made up your mind.

You do realize if i had my mind up i wouldnt even bother asking right?
That shouldnt take too much logic to figure out....

besides turns out most ASIC companies are either on preorder/out of business and i need to deliver the rigs by next month it sounds impossible anyway...
 
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post #12253 of 22496
Quote:
Originally Posted by barkinos98 View Post

Maybe, i dont have a great memory :DDD
but... but
gpus are way less efficient and more expensive to run

You need to get a grasp on how difficulty increases your ROI time drastically. You will be chasing your breakeven for sooooooo lonnnnnngggg. Give it a try, but please spare us the complaining when you realize you wasted thousands of dollars trying to get around a 500 dollar power bill.
post #12254 of 22496
@korruptedkaos

Check my sig ahaha thumb.gif
post #12255 of 22496
Quote:
Originally Posted by ivanlabrie View Post

Well, Radeon R7 240 4GB mines yacoin like there's no tomorrow, draws 10w or so lol...costs 5 bucks. tongue.gif

You could also try GT 640 4GB and install 6 in a board without risers (IF your board has 6 16x slots...1 slot card ftw) SAme, good for yacoin or high N scrypt-jane coins.

Then there's R9 270s, and nvidia GTX 660ti 4gb for yacoin/utc/mrc, and GTX 780s for everything but they cost more. 700kh/s scrypt, 5kh/s yac, 400-450kh/s utc, and 335kh/s for vertcoin.

Can't say I know much about the different alt coins.. The 280xs I have do pretty well but are hard to come by at a good price anymore and micrometer doesn't have then..

Let's say I want to mine max coin for a but then maybe another alt.. I don't feel like getting risers again as I just sold them..

What cards can I pick up to mine max? Maybe fit a few onto the board itself without heat issues or risers..

Need something easy to get at micrometer I think they got the 240/260 and I am sure I can find older nvidia cards..

What do you guys think?
post #12256 of 22496
Quote:
Originally Posted by Synister View Post

@korruptedkaos

Check my sig ahaha thumb.gif

thumb.gif

That should be Sir Minion: 001 lachen.gif
Edited by korruptedkaos - 2/11/14 at 12:30pm
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post #12257 of 22496
Can't believe I missed that DOGE coin pump! Bloody Job! Diff on this coin is so high now! Anyone got any suggestions for what coin I should mine next? Noble? Or have I missed that one too!
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post #12258 of 22496
Quote:
Originally Posted by barkinos98 View Post

You do realize if i had my mind up i wouldnt even bother asking right?
That shouldnt take too much logic to figure out....

besides turns out most ASIC companies are either on preorder/out of business and i need to deliver the rigs by next month it sounds impossible anyway...

I think you did make up your mind but is being hesitant because you said:
Quote:
but... but
gpus are way less efficient and more expensive to run

After we've already gave you our answers.
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post #12259 of 22496
ok so
6x 290 Toxic at 1346TL per piece
or 12x 7950 at 726TL per piece?

these to be paired with a h81 pro btc (either 1 or 2 board), g3220 and the usual stuff...
also thinking of ordering a G1600, anyone running 5-6 cards off one?
 
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post #12260 of 22496
Quote:
Originally Posted by korruptedkaos View Post

thumb.gif

That should Sir Minion: 001 lachen.gif

Done ---- haha helping time fly by thankyou! one hour left! ^^

Oh btw, any experience with 7950s ? got a Rev. 3 XFX that is a pig to get anything over 550Kh/s without cooking it! sad-smiley-002.gif
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