[OT] Crypto-Currency Discussion | Bitcoins, Lite, Etherium, etc.
- Thread starter sinnersaint
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Salam brothers, i just posted this on a thread somwhere else, i dunno if im breaking rules pasting this here but i thought i might share some of what i know:
First of all keep 2 things in mind:
1. Mining of Bitcoin is not at all profitable unless you have loads and i mean loads of money.(like millionaire level) in order to buy powerfull enough hardware which could mine some tangible amount of bitcoin and to reach break even point.
2. Access to cheap electricity.
Now let me explain:
1. First you have to buy/ build a GPU Based mining PC or dedicated ASIC miner (antminer available on amazon).as explained here more easily:
https://steemit.com/cryptocurrency/@...rrency-mininga. for a quick price reference, one person i knew built a pc with 4 Radeon RX 480 Cards and was mining ethereum with an average profit of around Rs 20,000 per month after deducting electricity costs. that complete setup cost around Rs 120,000 around June 2017.
b. Good antminers should cost around 700$ upto 4000$ from amazon. (plus they take a lot of electricity to run) but they are very easy to plug and play.( just plug and internet wire and do a little configuration and power cable and you start mining).
Amazon.com: Antminer S9 13 TH/S 16nm ASIC Bitcoin Miner: Computers & Accessories (asic miner available here)
you can calculate your mining profitability according to your available hardware from here:
Mining Calculator Bitcoin, Ethereum, Litecoin, Dash and Monero
2. Consider mining famous altcoins such as ethereum, monero or litecoin, zcash etc. or new and emerging altcoins which are relatively cheap and their mining difficulty is easy. for that refer to few links i found below:
7 Most Profitable Cryptocurrencies and Coins to Mine in 2017 - Insider Monkey
10 Most Popular Cryptocurrencies In Circulation Today - Insider Monkey
https://www.geckoandfly.com/23517/be...encies-mining/
https://www.insidermonkey.com/blog/6...mputer-378564/
Or if you dont want to mine at all due to all the hassels involved (i personally am in its favour):
1. If you have money, lets say around Rs 500,000, i suggest you buy bitcoin/ ethereum/ Litecoin which ever u deem suitable. and HOLD for long time. Maybe years. years later when bitcoin is lets suppose 10000$ or even 20000$, sell it for profit.
2. But only invest money which you are mentally prepared to lose. Because of high volitility of cryptocurrency market your investment can double overnight or become zero too. think of it same like our stock market.
3. Read on the internet about new emerging coins which promise new technologies and benefits and buy them cheap and hold for long term.
4. One more option is to buy bitcoin/ altcoin online and carryout daytrading on online exchanges such as Bitfinex, bittrex and poloniex. Which means you wait for a coin's price to drop, then buy it cheap then wait for its price to increase again, then sell it for profit then repeat this cycle daily.
In the end:
1. Mining is not profitable in long term (say after 1 year) because the mining difficulty will be considerably higher and profit will be low. also your equipment will become quickly obsolete.
2. For a long term investment i suggest you buy and hold for a few years.
3. For a short term investment i suggest you do day trading in which you can gain big prifits in very short amount of time. but you have to be sitting infront of a computer for most of the time to monitor the prevailing market conditions or you will miss your investment window.
4. Which makes option no 2 very feasible that is to buy and HODL (hold on despite loss) for the long term.
I hope this will help you
best of luck
First of all keep 2 things in mind:
1. Mining of Bitcoin is not at all profitable unless you have loads and i mean loads of money.(like millionaire level) in order to buy powerfull enough hardware which could mine some tangible amount of bitcoin and to reach break even point.
2. Access to cheap electricity.
Now let me explain:
1. First you have to buy/ build a GPU Based mining PC or dedicated ASIC miner (antminer available on amazon).as explained here more easily:
https://steemit.com/cryptocurrency/@...rrency-mininga. for a quick price reference, one person i knew built a pc with 4 Radeon RX 480 Cards and was mining ethereum with an average profit of around Rs 20,000 per month after deducting electricity costs. that complete setup cost around Rs 120,000 around June 2017.
b. Good antminers should cost around 700$ upto 4000$ from amazon. (plus they take a lot of electricity to run) but they are very easy to plug and play.( just plug and internet wire and do a little configuration and power cable and you start mining).
Amazon.com: Antminer S9 13 TH/S 16nm ASIC Bitcoin Miner: Computers & Accessories (asic miner available here)
you can calculate your mining profitability according to your available hardware from here:
Mining Calculator Bitcoin, Ethereum, Litecoin, Dash and Monero
2. Consider mining famous altcoins such as ethereum, monero or litecoin, zcash etc. or new and emerging altcoins which are relatively cheap and their mining difficulty is easy. for that refer to few links i found below:
7 Most Profitable Cryptocurrencies and Coins to Mine in 2017 - Insider Monkey
10 Most Popular Cryptocurrencies In Circulation Today - Insider Monkey
https://www.geckoandfly.com/23517/be...encies-mining/
https://www.insidermonkey.com/blog/6...mputer-378564/
Or if you dont want to mine at all due to all the hassels involved (i personally am in its favour):
1. If you have money, lets say around Rs 500,000, i suggest you buy bitcoin/ ethereum/ Litecoin which ever u deem suitable. and HOLD for long time. Maybe years. years later when bitcoin is lets suppose 10000$ or even 20000$, sell it for profit.
2. But only invest money which you are mentally prepared to lose. Because of high volitility of cryptocurrency market your investment can double overnight or become zero too. think of it same like our stock market.
3. Read on the internet about new emerging coins which promise new technologies and benefits and buy them cheap and hold for long term.
4. One more option is to buy bitcoin/ altcoin online and carryout daytrading on online exchanges such as Bitfinex, bittrex and poloniex. Which means you wait for a coin's price to drop, then buy it cheap then wait for its price to increase again, then sell it for profit then repeat this cycle daily.
In the end:
1. Mining is not profitable in long term (say after 1 year) because the mining difficulty will be considerably higher and profit will be low. also your equipment will become quickly obsolete.
2. For a long term investment i suggest you buy and hold for a few years.
3. For a short term investment i suggest you do day trading in which you can gain big prifits in very short amount of time. but you have to be sitting infront of a computer for most of the time to monitor the prevailing market conditions or you will miss your investment window.
4. Which makes option no 2 very feasible that is to buy and HODL (hold on despite loss) for the long term.
I hope this will help you
best of luck
I'd be very, very careful about giving advice with regards to Crypto @Syed Razavi
Yes, there are tremendous gains to be made but you have to understand that this space moves very fast and is heavily manipulated.
"I find it really difficult to give advice with crypto as things move so fast.
Long term I'm bullish on the prospects of crypto, I think it will transform the world, even more than the internet.
Near term, I find it difficult to just buy and hold any asset, including Bitcoin, because although I'm bullish on crypto in general, I am less confident in any particular asset surviving the journey from experiment to mass adoption.
The best I can say at this point is that for me, holding Bitcoin alone is risky, so I hold equal units of BTC, BCH and BTG, to hedge any of these forks of Bitcoin overtaking Bitcoin. There's still a chance that something other than Bitcoin wins the day.
Ethereum is another one that I love because of it's usefulness, however it has recently pumped, so I'm not sure if it's overvalued...or not...who knows..."
Yes, there are tremendous gains to be made but you have to understand that this space moves very fast and is heavily manipulated.
"I find it really difficult to give advice with crypto as things move so fast.
Long term I'm bullish on the prospects of crypto, I think it will transform the world, even more than the internet.
Near term, I find it difficult to just buy and hold any asset, including Bitcoin, because although I'm bullish on crypto in general, I am less confident in any particular asset surviving the journey from experiment to mass adoption.
The best I can say at this point is that for me, holding Bitcoin alone is risky, so I hold equal units of BTC, BCH and BTG, to hedge any of these forks of Bitcoin overtaking Bitcoin. There's still a chance that something other than Bitcoin wins the day.
Ethereum is another one that I love because of it's usefulness, however it has recently pumped, so I'm not sure if it's overvalued...or not...who knows..."
Last edited:
Ofcourse youre 100% right sir [emoji106] investing in crypto is veeerryy risky.
Youve got to have some experience in trading stocks or how this all system works. Otherwise one could loose all investment giving in to a fomo drive or fear during a pump and dump Moment within hours
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I want to invest in cryptocurrency. Which cryptocurrency would you guys suggest? I read many praising articles and threads about Ethereum, Ripple and Dash.
I use remitano. Fast,convienent,safe.
A bit expensive (larger margins)!
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i would suggest hashflare
if you would like to mine bitcoins and altcoins using a cloud instantly with a gift/debit/credit card e.t.c. USE hash flare , google them .they are legit .Use my code for a special discount as an senior client of theirs. Just a moment...
if you would like to mine bitcoins and altcoins using a cloud instantly with a gift/debit/credit card e.t.c. USE hash flare , google them .they are legit .Use my code for a special discount as an senior client of theirs. Just a moment...
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