(Topic ID: 200502)

Somebody explain Bitcoin to me

By Pinballlew

6 years ago


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  • Latest reply 3 years ago by toyotaboy
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    #1369 6 years ago

    Not sure if anyone saw that Robinhood will be adding bitcoin and Ethereum to their trading platform. I currently use coinbase but will be moving funds to Robinhood no transaction fee.
    https://share.robinhood.com/lisab347

    #1377 6 years ago
    Quoted from bellbrand:

    Not sure if anyone saw that Robinhood will be adding bitcoin and Ethereum to their trading platform. I currently use coinbase but will be moving funds to Robinhood no transaction fee.
    https://share.robinhood.com/lisab347

    Not sure if anyone signed up from my link but if they did I thank you I have received several free stocks

    #1378 6 years ago
    Quoted from pezpunk:

    Just paid for my family’s spring break condo with returns from mining. Whether the market is up or down, my rig keeps chugging along.

    I would like to learn how to mine

    #1382 6 years ago
    Quoted from pezpunk:

    very nice!

    First of all, i wouldn't recommend it if you haven't built a bunch of computers before. It can sometimes be very tricky getting 6 (or whatever) video cards all working smoothly on one system.
    Second, it's not a sure thing. It's a risk, just like buying and trading cryptos. There's always the possibility that someone will come out with an ASIC for these algorithms, making your GPU mining rig useless for mining. And there's always the risk that alt-coins will crash to the point that mining them isn't profitable anymore.
    Third, it's a get-rich-slow scheme. You pay a lot of money up front and it takes months to make back what you put into it. I got lucky with my timing and my rig paid for itself in about 2.5 months, but considering today's hardware prices and mining rates, i think the break even point if you started right now is more like 7-9 months. That could change if video card supplies get replenished in the market (and AMD says they are ramping up production), but right now there's a major drought, and people are paying absurd prices for GPUs.
    That said ... the passive income is quite nice, and I do enjoy messing with these things just as a side hobby.

    Thanks for explaining.. I thought it would be a fun hobby but sounds like it’s more hassle than what it’s worth

    3 weeks later
    #1535 6 years ago

    Robinhood is going to start adding bitcoin and Ethereum.

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