(Topic ID: 207699)

Cryptocurrency Investment Thread - No Haters Please

By Spyderturbo007

6 years ago


Topic Heartbeat

Topic Stats

  • 186 posts
  • 49 Pinsiders participating
  • Latest reply 3 years ago by Pdxmonkey
  • Topic is favorited by 11 Pinsiders

You

Linked Games

No games have been linked to this topic.

    Topic Gallery

    View topic image gallery

    50BC2BD5-0038-48F0-BC64-00E31B06070E (resized).png
    Screen Shot 2018-02-06 at 11.51.07 AM (resized).png
    490930C5-B4EF-4380-BBF8-BA4E7CA3051F (resized).jpeg
    crypto_boardroom (resized).jpg
    pasted_image (resized).png
    170919094555-euros-in-toilet-780x439 (resized).jpg

    There are 186 posts in this topic. You are on page 3 of 4.
    #101 6 years ago
    Quoted from jwilson:

    Miners validate transactions in exchange for fees. They can pick and choose which transactions to validate, so they go for the highest paying ones.

    *scratch head*

    Okay, I'm completely confused. So why would low value transactions ever get validated if this is the case. Still don't understand how miners pick anything, but maybe I never got BTC mining working properly back in the day. I know the few times I've tried to get ETH/LTC mining working, it looks like it's doing a lot of nothing, I'll leave it on overnight, and have reports of shares I've earned in the pool or whatever, but I don't have any say at all at what gets processed. I guess you have more freedom to restrict what you're doing when you're not pooling?

    And again..are these fees on top of what the exchanges charge, and the amount of BTC to cover it just disappears into the miner's/pool's account?

    #102 6 years ago

    Well, you're free to go hate in the other thread, this is the enthusiasts thread.

    Quoted from guyincognito:

    If I remember correctly, the people who questioned the JPOP scams weren't received that well either...

    Well, you've said your peace over and over, the message is out. Now go away.

    #103 6 years ago
    Quoted from Frax:

    So why would low value transactions ever get validated if this is the case.

    Well, eventually they run out of all the high-paying transactions, or they want to finish a block and have a specific amount of bit space left in it, so they'll start doing the lower value transactions.

    When bitcoin started really soaring, a lot of people who played with it back in the day, like myself, decided to pull out their old wallet software - but there's been a few changes since then, and the old wallet software wouldn't allow you to set a variable fee; they had a hardcoded fee based on bitcoin only being worth, like, $10-$100. So if they tried to move their bitcoin out of that old wallet, it would sit in the queue sometimes for weeks!

    In my case I did some hand-wavy magic to upgrade the software and move my wallet over, so I could then transfer out the remnants of bitcoins I had left over from the various transactions I did back then. What was pennies in 2010 was suddenly real money.

    Quoted from Frax:

    I know the few times I've tried to get ETH/LTC mining working, it looks like it's doing a lot of nothing, I'll leave it on overnight, and have reports of shares I've earned in the pool or whatever, but I don't have any say at all at what gets processed. I guess you have more freedom to restrict what you're doing when you're not pooling?

    Well, the real power players in mining are using dedicated ASIC miners with customized software.

    This explains it in English.

    https://www.coindesk.com/information/how-bitcoin-mining-works/

    Basically the miners are validating the transactions, but in order to prevent all the coins getting mined right away, the system makes it purposefully difficult to generate the next hash. That's the "proof of work" part.

    Quoted from Frax:

    And again..are these fees on top of what the exchanges charge, and the amount of BTC to cover it just disappears into the miner's/pool's account?

    Yes. Exchanges can charge a fee, like your bank does for cheques or something. The mining fee goes to the miner who validated your transaction. You could technically make it zero, but it's unlikely any miner would select your transaction.

    https://en.bitcoin.it/wiki/Transaction_fees

    Here's a fun list of the top BTC wallets.

    https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html

    If you click on some of them you'll see BTC going into them - that's mining fees. This one for example - someone mined around 80,000 BTC back in 2011 when it was under a dollar, then nothing after, and mining fee coins have trickled in ever since. The person who made that wallet probably lost the private key or forgot all about it, so now their billion dollars is locked away.

    https://bitinfocharts.com/bitcoin/address/1FeexV6bAHb8ybZjqQMjJrcCrHGW9sb6uF

    #104 6 years ago

    Thanks for the info. I'm aware of ASIC miners, but this thing about selecting your fee as a miner is all new to me. I'm almost certain that I never got mining working correctly back when it didn't require banks of 6 GPUs or an ASIC farm. I have gotten eth mining to work, but again, it's kind of pointless to waste the electricity on it when you're running a solo 1080 lol.

    I have just have seen stories of people selling small amounts of btc and paying nearly as much in fees, and I don't want to end up in that situation... It's really bloody hard to make 30 bucks to cover a fee on say... 100 bucks of BTC.

    #105 6 years ago

    You could try mining Monero with that single 1080. It's designed to work best on CPU and GPU boxes due to the memory requirements and you could be making $500/month.

    #106 6 years ago
    Quoted from jwilson:

    You could try mining Monero with that single 1080. It's designed to work best on CPU and GPU boxes due to the memory requirements and you could be making $500/month.

    Hm. I'll check it out.

    #107 6 years ago

    Regardless which coin takes off. Invest in one or more of these and I believe you would do just fine...
    https://coinatmradar.com

    #108 6 years ago

    I had planned on buying more Eth if it drops below $900, but might consider a more conservative approach.

    490930C5-B4EF-4380-BBF8-BA4E7CA3051F (resized).jpeg490930C5-B4EF-4380-BBF8-BA4E7CA3051F (resized).jpeg

    #109 6 years ago
    Quoted from jwilson:

    If you click on some of them you'll see BTC going into them - that's mining fees. This one for example - someone mined around 80,000 BTC back in 2011 when it was under a dollar, then nothing after, and mining fee coins have trickled in ever since. The person who made that wallet probably lost the private key or forgot all about it, so now their billion dollars is locked away.

    LMAO wow

    #110 6 years ago

    Markets are down again today. Is it a Monday slump or something else? Who knows!

    #111 6 years ago

    It’s getting annoying. I keep missing 20-30% dips cuz I think price going to keep going back up where it was a week or so ago.

    2 weeks later
    #112 6 years ago

    Looks like bitcoin is really going in the tank. I wonder if other cryptos will follow.

    #113 6 years ago
    Quoted from o-din:

    Looks like bitcoin is really going in the tank.

    Time to buy.

    Quoted from o-din:

    I wonder if other cryptos will follow.

    They typically do. Time to buy those as well.

    #114 6 years ago

    Looking at the graph, it's still got a ways to go. Rock bottom is the time to buy!

    #115 6 years ago
    Quoted from o-din:

    Looking at the graph, it's still got a ways to go. Rock bottom is the time to buy!

    It's already up quite a bit from its 24hr low.

    #116 6 years ago
    Quoted from Astropin:

    It's already up quite a bit from its 24hr low.

    Of course! The downward spiral is never a straight line. I look at the graph as a whole to see which way things are heading.

    Screen Shot 2018-02-06 at 11.51.07 AM (resized).pngScreen Shot 2018-02-06 at 11.51.07 AM (resized).png

    #117 6 years ago
    Quoted from o-din:

    Of course! The downward spiral is never a straight line. I look at the graph as a whole to see which way things are heading.

    Bitcoin is around where it was in early December. If you were looking at the graph as a whole it would be trending up for the last 8 years or so. A giant correction in the last month for sure.

    BTC is up $1500 to $7600 from yesterday’s lows. Too bad you missed out.

    #118 6 years ago
    Quoted from Toasterdog:

    Too bad you missed out.

    Yeah, I guess I'll really be regretting it when I look at that same graph in a couple weeks or even a month.

    #119 6 years ago

    Yeah, I cashed out of XMR at ~$450 so I'm happy with that. I'll sit with cash in my account and see what happens over the next few months. I don't think this party is over, it's just catching its second wind.

    #120 6 years ago
    Quoted from o-din:

    Of course! The downward spiral is never a straight line. I look at the graph as a whole to see which way things are heading.

    We have no idea where things are heading...only where they are.

    #121 6 years ago
    Quoted from o-din:

    Yeah, I guess I'll really be regretting it when I look at that same graph in a couple weeks or even a month.

    We'll see I guess. I certainly don't know where rock bottom is, but yesterday it was 6K and today it's @ 7500. Troll on!

    1 week later
    #122 6 years ago

    Looks like the panic is over and things are slowly climbing again now that the frenzy is over.

    #123 6 years ago
    Quoted from jwilson:

    Looks like the panic is over and things are slowly climbing again now that the frenzy is over.

    Yeah...so far so good...I'm still down about 26% from my peak. I see BTC finally broke through 10k (again). LTC has been leading the way though.

    #124 6 years ago

    Anyone get plowed by Coinbase? The stole $1,000 from my bank account overnight. Apparently a ton of people have been effected and Coinbase is "investigating".

    #125 6 years ago
    Quoted from Spyderturbo007:

    Anyone get plowed by Coinbase? The stole $1,000 from my bank account overnight. Apparently a ton of people have been effected and Coinbase is "investigating".

    Yikes

    #126 6 years ago

    Yeah. That's what I said when I looked at my account this morning.

    One guy claims they whacked him 17 times for the same $1,000 transaction. They only got me for 2 x $500.

    Here is their Reddit post:

    "Update as of 9:37 AM PST on February 15, 2018

    We are actively investigating some reports from our customers about unexpected credit or debit card charges appearing on their statements from previous Coinbase purchases.

    We can confirm that the unexpected charges are originating from our payment processing network, and are related to charges from previous purchases. To the best of our knowledge, these unexpected charges are not permanent and are in the process of being refunded. We are running joint investigations with all parties involved, and will provide updates as we receive them.

    We apologize for the trouble, and are working as quickly as possible to help anyone affected by this. "

    -1
    #127 6 years ago
    Quoted from jwilson:

    You could try mining Monero with that single 1080. It's designed to work best on CPU and GPU boxes due to the memory requirements and you could be making $500/month.

    i missed this thread somehow, but for what it's worth, you don't want to mine Monero with nVidia GPUs. In fact, you probably don't want to mine Monero with AMD hardware either right now due to the increased difficulty. There are other CryptoNote-based coins that are more profitable. Electroneum, for example.

    However, if you've got a gaming PC and you want to make a few bucks a day with it, download NiceHash and give that a try. It's the easiest way to jump into the crypto mining game.

    Quoted from Astropin:

    We have no idea where things are heading...only where they are.

    Yeah, I have no idea what the market's gonna do. The only thing I know for sure is that for all the bluster, nobody else does, either.

    Quoted from Spyderturbo007:

    Anyone get plowed by Coinbase? The stole $1,000 from my bank account overnight. Apparently a ton of people have been effected and Coinbase is "investigating".

    Yeah sounds like Coinbase got hacked bigtime. Reddit is blowing up. I checked my Coinbase account and i don't see anything shady. I don't keep any money there, though, i just use it as a passthrough when i'm putting my mining gains onto my debit card.

    Quoted from Spyderturbo007:

    Yeah. That's what I said when I looked at my account this morning.
    One guy claims they whacked him 17 times for the same $1,000 transaction. They only got me for 2 x $500.
    Here is their Reddit post:
    "Update as of 9:37 AM PST on February 15, 2018
    We are actively investigating some reports from our customers about unexpected credit or debit card charges appearing on their statements from previous Coinbase purchases.
    We can confirm that the unexpected charges are originating from our payment processing network, and are related to charges from previous purchases. To the best of our knowledge, these unexpected charges are not permanent and are in the process of being refunded. We are running joint investigations with all parties involved, and will provide updates as we receive them.
    We apologize for the trouble, and are working as quickly as possible to help anyone affected by this. "

    Ah good to hear they have it under control and any charges will be refunded.

    #128 6 years ago

    Just ordered a hardware wallet this afternoon - Trezor. I don’t have too much in cryptos, but don’t need longer term holding on an exchange. I have too much in my Jaxx ledger too from mining and would like to move that as well.

    I guess that still wouldn’t protect my Coinbase account from a fraudulent charge stemming from a past cc/bank funded purchase. I’ll keep my eyes open for unexpected charges. Thanks.

    2 weeks later
    #129 6 years ago
    Quoted from Spyderturbo007:

    Anyone get plowed by Coinbase? The stole $1,000 from my bank account overnight. Apparently a ton of people have been effected and Coinbase is "investigating".

    Hmmm. I wonder if that is the reason Chase is closing credit card accounts used in crypto.

    https://blockoperations.com/cryptocurrency-miners-should-not-bank-with-chase/

    Reminds me of PayPals reaction after we got ripped off by Kevin on Predator.

    #130 6 years ago

    Is anyone thinking about picking up some ADA now that the price is back down? I would be interested to know peoples take on the Cardano project. Thanks.

    1 month later
    #131 5 years ago

    Looks like this thread died as Crypto has deflated. But I am in for the long haul as a miner.

    Although I am happy with my GPU rigs mining ETH, today I made the jump to ASIC mining for SHA256. I ordered 4 Antminer S9s since they are at record low prices and shipping RSN. Ordered directly from Bitmain. About $1450 each delivered for 14TH/s. Should arrive mid-May.

    Any ASIC mining experience here?

    #132 5 years ago

    I thought they were changing the algorithm to prevent ASIC mining of both XMR and ETH?

    #133 5 years ago

    I'm still here. A little worried about the ERC20 Smart Contract bug though....

    I had to write a huge check to Uncle Sam so my purchases have been on the light side lately. My investment group picked up a decent chunk of EOS at $6 though. Just in time for it's run.

    Anyone know anything about SNGLS?

    Quoted from roc-noc:

    Any ASIC mining experience here?

    Nothing more than getting one is just about impossible.

    Do you think you'll get your ROI? I've been hesitant to go with an ASIC because the ROI takes forever. Even if the difficulty doesn't increase, which we know it will, you're looking at almost 400 days to break even.

    #134 5 years ago
    Quoted from jwilson:

    I thought they were changing the algorithm to prevent ASIC mining of both XMR and ETH?

    SHA256 is for mining Bitcoin.

    I ordered 5 of the Antminer E3 back when they introduced them at $800 (plus power supply and shipping). They now sell for $2400. Delivery on both in July. I don't think they will change the ETH algo. The fix will be PoS. And the E3 at $2400 is not much better than a 6 card GPU miner.

    #135 5 years ago
    Quoted from Spyderturbo007:

    I'm still here. A little worried about the ERC20 Smart Contract bug though....
    I had to write a huge check to Uncle Sam so my purchases have been on the light side lately. My investment group picked up a decent chunk of EOS at $6 though. Just in time for it's run.
    Anyone know anything about SNGLS?

    Nothing more than getting one is just about impossible.

    It was real easy ordering them direct from the maker in China. They took my money. Of course they haven't shipped yet.

    #136 5 years ago

    I'm still in...haven't sold a thing...bought a little more at the bottom. Added a little NEO, WTC and ARK for further speculation.

    #137 5 years ago

    XMR rebounded nicely, as have ETH and LTC. But not sure we'll see another crazy surge any time soon.

    I'm tempted to get back into XMR just to collect on the MoneroV fork in 5 days. I wonder if the price will tank after. I suspect it will.

    #138 5 years ago

    Current prices and delivery on Antminer S9 (bitcoin miner) are reasonable. I ordered 4 pcs to try them out. I received them on Monday and have two up and mining.

    First impressions... they are really loud and take a lot of power. Payback at current BTC prices about 8 months. Annual power cost for one Antminer S9 is about $800. (Does not include AC or cooling costs.)

    1 week later
    #139 5 years ago
    Quoted from roc-noc:

    Any ASIC mining experience here?

    I've been running L3+'s since December. I have 5 of them and just added a new B3 Bytom miner. The L3's will have to run forever but the B3 ROI is promising since I was able to get in on the ground floor. Made about $300 a day for the first 2 days and much lower power consumption.

    #140 5 years ago

    Anyone get in on the Pied Piper ICO?

    http://www.piedpiper.com/were-ico-ing/

    #141 5 years ago

    Awesome episode!

    3 months later
    #142 5 years ago

    Weak market and the thread dies? I'm still mining ETH and ZEC and hoping for a winter recovery. I've learned a lot in the past 8 months.

    #143 5 years ago

    I'm still here and still HODLing. I'm still up on the big 3, but getting pummeled on the Alts. I currently have BAT, BCH, XLM, XRP, LINK, ZIL, MANA, VEN, SC, and BTG.

    I'm in an investment group and we have picked up XLM, POLY, OMG, LINK, EOS, DCR, BNB, BAT, ZIL, BTC, ETH and LTC. There are also some random airdrops in there, but I don't typically pay attention to those.

    It's been a rough ride the last 8 months, but I'm still hanging on.

    #144 5 years ago

    I bought $100 of XRP

    #146 5 years ago
    Quoted from CrazyLevi:

    are we all rich yet?!?!

    The ones that were bragging about it at the height of the market posting their "I told you so's" to the "Naysayers and haters" after every uptick have been eerily quiet. Anyone hear from ExtremePinball out of Vegas lately?

    #147 5 years ago
    Quoted from vicjw66:

    The ones that were bragging about it at the height of the market posting their "I told you so's" to the "Naysayers and haters" after every uptick have been eerily quiet. Anyone here from ExtremePinball out of Vegas lately?

    They'll be ready to pounce with their cigar emoticons when the market is back up

    My question is, with as much press as the last big rally had, where does it really go from here? At some point, the track record of NOT hitting $50k or $100k by end of the year that keeps getting thrown out at random times has its effects. Novelty wears off. People move on.

    #149 5 years ago
    Quoted from vicjw66:

    The ones that were bragging about it at the height of the market posting their "I told you so's" to the "Naysayers and haters" after every uptick have been eerily quiet. Anyone hear from ExtremePinball out of Vegas lately?

    I had a friend who mined a bit 4 years ago and bought some more, and just held them. Paid off much of his house last December, didn't say a darn thing publicly.
    He considers it a once-in-a-lifetime ride.

    #150 5 years ago
    Quoted from vicjw66:

    The ones that were bragging about it at the height of the market posting their "I told you so's" to the "Naysayers and haters" after every uptick have been eerily quiet. Anyone hear from ExtremePinball out of Vegas lately?

    This is one of his picks from 5 months ago (can't tell the exact date from his post in the other thread):

    https://coinmarketcap.com/currencies/pivx/

    I really want to hear about his crypto loan that was paying 3% per day. I think I know how it ended, but just want confirmation.

    There are 186 posts in this topic. You are on page 3 of 4.

    Reply

    Wanna join the discussion? Please sign in to reply to this topic.

    Hey there! Welcome to Pinside!

    Donate to Pinside

    Great to see you're enjoying Pinside! Did you know Pinside is able to run without any 3rd-party banners or ads, thanks to the support from our visitors? Please consider a donation to Pinside and get anext to your username to show for it! Or better yet, subscribe to Pinside+!


    This page was printed from https://pinside.com/pinball/forum/topic/cryptocurrency-investment-thread-no-haters-please/page/3?hl=kiwipinz and we tried optimising it for printing. Some page elements may have been deliberately hidden.

    Scan the QR code on the left to jump to the URL this document was printed from.