From Ethereum to where?

S

Stoly

Supreme [H]ardness
Joined
Jul 26, 2005
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At 1 ETH, I'm almost getting what I paid for my GTX1070 at the current exchange rate of $340.

When I started I expected to hit 1 ETH in 2 1/2 to 3 months tops. But as difficulty exploded it took 4 months. From this point forward I'm looking at maybe $1.30 a day from $7 something when I starded so it no longer makes sense.

So before I give up on mining I'm thinking to switch to another alt-coin. I've read that MONA is very profitable now.
Any thoughts?
 
Basically once you hear that something "is very profitable now" you've already missed the boat.

That said, Mona is still profitable to mine today.., but who knows how long the price will stay up like that. Maybe try equihash...
 
Just use Nicehash and get bitcoin. I have come to the conclusion that all the coins values are tied to bitcoin anyways and it has the most relatively stable price trajectory.
 
quiktake said:
Just use Nicehash and get bitcoin. I have come to the conclusion that all the coins values are tied to bitcoin anyways and it has the most relatively stable price trajectory.
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This is the typical rookie mistake on mining... the real profit is mining coins and holding them for the future price appreciation (granted, this assumes you aren't just mining shitcoins with no actual development). Switching your coins instantly for BTC negates this future profit potential. People mining ETH for basically all of 2016 had the last laugh when it took off in 2017.
 
oblox said:
This is the typical rookie mistake on mining... the real profit is mining coins and holding them for the future price appreciation (granted, this assumes you aren't just mining shitcoins with no actual development). Switching your coins instantly for BTC negates this future profit potential. People mining ETH for basically all of 2016 had the last laugh when it took off in 2017.
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Bitcoin took off almost as much as ETH and didn't crash nearly as much as ETH. With the "shitcoin and hold" strategy a miner needs to get in very, very early to make significant profit. With ICO's being cracked down on, I am not confident in this strategy going forward. It's ok for fun, but is better to also diversify and hold bitcoin. Just like real investors invest in bonds and stock market index funds for stability as well as growth.
 
quiktake said:
Bitcoin took off almost as much as ETH and didn't crash nearly as much as ETH. With the "shitcoin and hold" strategy a miner needs to get in very, very early to make significant profit. With ICO's being cracked down on, I am not confident in this strategy going forward. It's ok for fun, but is better to also diversify and hold bitcoin. Just like real investors invest in bonds and stock market index funds for stability as well as growth.
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Alts priced in USD absolutely crushed just riding the BTC wave due to the compounding factor of BTC's rise as well as the pricing rise of the alts themselves.
 
oblox said:
Alts priced in USD absolutely crushed just riding the BTC wave due to the compounding factor of BTC's rise as well as the pricing rise of the alts themselves.
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But name a coin that could possibly due that (again) in 2017 or 2018. This is always going be somewhat comparable to emerging market funds (volatile, but can reap huge growth if the timing is right), vs slow and steady S&P 500 funds at 7-8% a year on average over the long term. Most miners sell their coins right away in order to move into bitcoin. Anyone totally invested in shitcoins/altcoins need to diversify as well to protect their investment relative to altcoin/shitcoin volatility. I am not saying your are wrong about performance, but you have think strategically about performance, volatility, and protecting your investments.

(I am not an expert, but I represent a teachers union in control of 403B/457B plans valued at $900 million dollars. So, my priority is not only profit, but also protecting that the investment as a whole long term.)
 
quiktake said:
But name a coin that could possibly due that (again) in 2017 or 2018. This is always going be somewhat comparable to emerging market funds (volatile, but can reap huge growth if the timing is right), vs slow and steady S&P 500 funds at 7-8% a year on average over the long term. Most miners sell their coins right away in order to move into bitcoin. Anyone totally invested in shitcoins/altcoins need to diversify as well to protect their investment relative to altcoin/shitcoin volatility. I am not saying your are wrong about performance, but you have think strategically about performance, volatility, and protecting your investments.

(I am not an expert, but I represent a teachers union in control of 403B/457B plans valued at $900 million dollars. So, my priority is not only profit, but also protecting that the investment as a whole long term.)
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This deep into the rise, I have my doubts alts could pull it off again without BTC first seeing a material pullback. Having said that, there are many alts that have gotten absolutely annihilated during this move up with people trying to get BTC for the forks.
 
Eth at $420 was .14 btc.

Now at $340 it is .058


I wish I had gone to btc with all my eth at that point as the btc train has not stopped
 
thebufenator said:
Eth at $420 was .14 btc.

Now at $340 it is .058


I wish I had gone to btc with all my eth at that point as the btc train has not stopped
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If the goal is cashing out at some point though all that really matters is the dollar value of what you hold. BTC is the transfer medium only really. Unless you cash out at someplace like Coinbase where you can go straight from ETH to $ in your bank account. Hindsight is always 20/20, any move you make is soaked in risk, so it's best to never think what you "should" have done. We all make the best decisions at the time with the data we have available along with whatever risk tolerance we have.

I don't ever expect to strike it Lambo rich, but it's nice to have supplemental income to the tune of 500 bucks a month just for running some machines. (yay mini-farm and cheap TX electricity) Sure if I'd made the right moves in the past I could be sitting on far far more money wise, but it's all a gamble, no matter what you choose to do.

Like right now I'm sure there's some shit coins out there that will explode in value in the coming months or years, all you can do is pick, buy, hold, and hope. It's a bit like a long term lottery in a way. Personally I mined 50k XVG, and have some XRP as well, just in case either blow up down the road. Day to day though, I just point my farm at NiceHash and collect in BTC every 24 hours.

Hardest part of me is buying or mining whatever, and just forgetting about it for several months. If you follow the price daily, it's just going to drive you mad with the weird swings in price/value. While it's great to see BTC so high, with apparently no end in sight, it's just as probable that it could come crashing down tomorrow. My personal approach now is to just let my farm do the work, collect up BTC over the winter and see whats happening in the spring. Might be at 10K might be at 1K, nobody knows!

On a fun/fantasy note, more often than not I dream of being delivered a flash drive from my future self via mail, with a daily chart of all the big movers, plotted day by day for the next 5 years. Making perfect trades and amassing a quick fortune, cashing out and never having to work again.
 
collegeboy69us said:
On a fun/fantasy note, more often than not I dream of being delivered a flash drive from my future self via mail, with a daily chart of all the big movers, plotted day by day for the next 5 years. Making perfect trades and amassing a quick fortune, cashing out and never having to work again.
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Yep "If I only knew then what I know now" is a recurring sentiment I sometimes dwell upon.
 
collegeboy69us said:
...
On a fun/fantasy note, more often than not I dream of being delivered a flash drive from my future self via mail, with a daily chart of all the big movers, plotted day by day for the next 5 years. Making perfect trades and amassing a quick fortune, cashing out and never having to work again.
Click to expand...
On that note to myself, I would just need one word delivered to me in 2010 and I would have been a millionaire today

HODL
 
I was mining litecoin deep into it not being "profitable" because I was mining to hold long term.

I sold out when it 100 bucks.

I can assure you, my not profitable mining was very profitable. And I re bought all the coins I sold and diversified into eth and bitcoin more.

Point is, if you are playing a long game profitability in the short term doesn't matter.
 
I quit on ETH a few days ago when I realized it would take about six months or more to make 1 ETH. It took me almost 4 months to do my first one so it will only get worse. I haven't cashed out I think I'll wait for the next Bitcoin crash and exchange my ETH to bitcoin or maybe wait till it turn into proof of stake in the coming months and see how it goes.
 
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