The Altcoin Thread

Carbon_Rod said:
That's one way of doing it. But any current coin provides at least some profitability to it. So, even if you decide to mine DOGE or LTC which we aren't seeing at the top of the profitability charts lately will provide at least some profit. And it could be considered serious cash depending on the size of your farm, and what price it is when you sell.

td,dr: My point is that profit, even serious profit, doesn't have to come ONLY from mining new coins as they get added to exchanges.
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I should have broken my statement up with and/or instead of and.
 
atp1916 said:
You have no clue what you are talking about. I laugh hysterically at people like you.

Here is my December 2013 haul going manual with ~15mhs on new altcoins coming out:
k482mb.jpg
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So 15mhs, thats the equiv of what, 35ish 270s, or 20 280x's

You are also showing a screenshot from the highest peek in BTC, over 2-3x what it is now, while the price in cards has increased a huge amount as well.

Plus the difficulty for all the alt-coins has increased and their value decreased (along with BTC).

So right now: You'll pay for more the hardware, get less returns, and the returns are worth less (not worthless though!).

So you can't say "Everyone can get rich mining you fools!"
 
DracoNB said:
<snip>

So you can't say "Everyone can get rich mining you fools!"
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I can and i will. That pic shows that there is great reward for the risk(s) associated with mining.

That being said, why are you even in this thread? You appear and sound to be quite against the idea of mining at all. In fact, you sound like a coward unwilling to take risks even when it's quite obvious the reward could be/is great.

Go have sexy time with your fiat stock market.

Done debating with you. You're on my ignore.
 
atp1916 said:
I can and i will. That pic shows that there is great reward for the risk(s) associated with mining.

That being said, why are you even in this thread? You appear and sound to be quite against the idea of mining at all. In fact, you sound like a coward unwilling to take risks even when it's quite obvious the reward could be/is great.

Go have sexy time with your fiat stock market.
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Also, mining is fun. Very few hobbies even remotely approach being able to pay for themselves. IMO there is some value in that.
 
atp1916 said:
I can and i will. That pic shows that there is great reward for the risk(s) associated with mining.

That being said, why are you even in this thread? You appear and sound to be quite against the idea of mining at all. In fact, you sound like a coward unwilling to take risks even when it's quite obvious the reward could be/is great.

Go have sexy time with your fiat stock market.

Done debating with you. You're on my ignore.
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Lol I do mine, I'm just trying to point out there are some major risks and its dumb to jump in blindly. The people who got in early made MAJOR rewards when the price skyrocketed. Right now the price just plummeted and the cost of hardware is still sky high.

I'm glad you ignored all of my points though.
 
Its not like prices havent gone down before. Once this GOX mess is done with we should hopefully be where we were in december. I cant wait for the day for BTC to hit $1200+ again.
 
UncleDavid218 said:
Also, mining is fun. Very few hobbies even remotely approach being able to pay for themselves. IMO there is some value in that.
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This. In about 4 months I've had the privilege of...

1) Getting my hardware fix by tweaking and trying to get the most of all sorts of GPUs. Mining itself is a benchmark.

2) Getting to run a small home business. Choices included - what to mine, when to sell, how much to sell - I am break even now on hardware cost so nothing owed to the IRS. And how to tweak GPUs to run more power efficiently, or when to tweak and devote time to setting up new rigs. Really just trying to optimize my income and time management for this hobby. My biggest choice recently was to keep my extra BTC within the crypto market. Either I could have sold, and now waited to buy back more (but then have to deal with taxes), or I could trade alts with the BTC to obtain more. The end result is the same. And trading is more fun. So I decided to stay in the market.

3) Experience in setting up, expanding, and effectively maintaining a small network. And I am still looking into how I can get all of my GPUs "pooled together" and then sent out as a single automated profit switching worker.

4) Learning the trade - literally. I've learned about all different kinds of trading patterns and movements. I've learned that the market truly is "mathematical". And my trading emotions have dropped drastically. I've left ~20BTC in the crypto market to continue to trade around alt coins and hold different positions to try and obtain more BTC that way, as opposed to selling into fiat and buying back more later on (and then having to deal with taxes).


I should be allowed to put "Crypto Miner, 10MH/s Scrypt" as work experience on my resume. But seriously, I may put it in the "other" section. I think if they ever asked about it, my response would be nothing short of impressive. :p

blade52x said:
And also, for a computer hardware enthusiast - BEST HOBBY EVER! :D
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atp1916 said:
I can and i will. That pic shows that there is great reward for the risk(s) associated with mining.

That being said, why are you even in this thread? You appear and sound to be quite against the idea of mining at all. In fact, you sound like a coward unwilling to take risks even when it's quite obvious the reward could be/is great.

Go have sexy time with your fiat stock market.

Done debating with you. You're on my ignore.
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To be honest, you are coming across kinda douchey. I have a few other things I would rather put my money into at this point that buying 15 M/hash worth of equipment to start mining today. All you showed with that picture is a 15 M/hash setup that was obviously going strong when prices peaked in December.

I'm not saying it was not a good month, but to put together that same setup today is what, $12,500 to $15,000 up front since you are paying for gouged cards? That's before we talk about electricity and cooling, esp this summer for many parts of the country. And that's even if the cards are in stock. After hardware payout, you are looking at what -- MAYBE a 30ish % ROI in the near term, annualized, assuming difficulty and price project out on a reasonable incline? The best multi-pools are doing 0.01 BTC or so per 1 M/hash at current prices, so that's 150 bucks a month before electricity per 1 M/hash.

My point is I cannot recommend someone go drop 15k TODAY to start mining with the assumption they will get rich. If you want to get into cryptos at that price point, trading is a better option - in my opinion. Today especially. Calling out people as cowards because they believe in other investment vessels is just shitty. I'm not a huge fan of the stockmarket either, and most of my investments are in other vessels, but I don't call people out as cowards and ignore them for it.
 
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To me investing through trading is more risky especially when dealing with altcoins as there is a real chance of some of these literally going to zero or almost nothing. Also if you are speculating with a new coin it's often to hard to buy up any in volume without moving the market, that's where having a good rig comes in handy.

MaxCoin is a good example, it started off at a ridiculous price (0.01 BTC/MAX) and went up to 0.04 BTC the same day, afterwards it plummeted to like 0.005 and now it's even lower. If you bought at the start there's a good chance you would have gotten burned, miners however made bank from the coin.
 
x3sphere said:
To me investing through trading is more risky especially when dealing with altcoins as there is a real chance of some of these literally going to zero or almost nothing. Also if you are speculating with a new coin it's often to hard to buy up any in volume without moving the market, that's where having a good rig comes in handy.
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Totally understand that. But investing 15,000 + electricity and time sunk into a mining setup on those same coins which may have zero or almost zero value is a risk also. Just saying. I don't speculate much, and I don't speculate on brand new coins. Too many hands under the table with the brand new alt coins for me.
 
SilverSliver said:
To be honest, you are coming across kinda douchey. I have a few other things I would rather put my money into at this point that buying 15 M/hash worth of equipment to start mining today. All you showed with that picture is a 15 M/hash setup that was obviously going strong when prices peaked in December.

I'm not saying it was not a good month, but to put together that same setup today is what, $12,500 to $15,000 up front since you are paying for gouged cards? That's before we talk about electricity and cooling, esp this summer for many parts of the country. And that's even if the cards are in stock. After hardware payout, you are looking at what -- MAYBE a 30ish % ROI in the near term, annualized, assuming difficulty and price project out on a reasonable incline? The best multi-pools are doing 0.01 BTC or so per 1 M/hash at current prices, so that's 150 bucks a month before electricity per 1 M/hash.

My point is I cannot recommend someone go drop 15k TODAY to start mining with the assumption they will get rich. If you want to get into cryptos at that price point, trading is a better option - in my opinion. Today especially. Calling out people as cowards because they believe in other investment vessels is just shitty. I'm not a huge fan of the stockmarket either, and most of my investments are in other vessels, but I don't call people out as cowards and ignore them for it.
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what? No, I bought my computer for $700 total, spending $21 a month in electric. Getting $8 a day. This was after the december highs. If we say that goes down to $6 a day. Still 6x30=$180 a month - 20=160 , 700/160 slightly over 4 months I'll have my money back for electric and the cost of hardware and that's a conservative estimate, not even really what I'm getting. 30% annual... no not even close. On top of all this I can always sell the hardware if it all goes to shit.
 
I'd also argue that all of this hardware is still worth something at the end of the day. Even if it isn't $500 for a 280x, if you can still get $300-350 for the card in a few months, that's a pretty good trade off considering that it's worked for you for almost nothing depending on how much you got into it for.
 
^^ SilverSliver was referring to me.

Ignore him though, he's another hater.
 
atp1916 said:
^^ SilverSliver was referring to me.

Ignore him though, he's another hater.
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Yeah. Totally a hater. I've made ~10,000 on crypto between trading and mining. So no, not really a hater. Someone who disagrees with some of the fundamentals associated with dropping 15000 into hardware TODAY to mine? Sure. Everyone has their opinion, and just because they have one different from yours does not make them a coward, a hater, an idiot, or anything else.

For me, personally, I have preferable investment vessels with that much cash. Not everyone does. Some people want to view mining as half hobby - TERRIFIC. More fun that way and absolutely zero wrong with that.
 
SilverSliver said:
To be honest, you are coming across kinda douchey. I have a few other things I would rather put my money into at this point that buying 15 M/hash worth of equipment to start mining today. All you showed with that picture is a 15 M/hash setup that was obviously going strong when prices peaked in December.

I'm not saying it was not a good month, but to put together that same setup today is what, $12,500 to $15,000 up front since you are paying for gouged cards? That's before we talk about electricity and cooling, esp this summer for many parts of the country. And that's even if the cards are in stock. After hardware payout, you are looking at what -- MAYBE a 30ish % ROI in the near term, annualized, assuming difficulty and price project out on a reasonable incline? The best multi-pools are doing 0.01 BTC or so per 1 M/hash at current prices, so that's 150 bucks a month before electricity per 1 M/hash.

My point is I cannot recommend someone go drop 15k TODAY to start mining with the assumption they will get rich. If you want to get into cryptos at that price point, trading is a better option - in my opinion. Today especially. Calling out people as cowards because they believe in other investment vessels is just shitty. I'm not a huge fan of the stockmarket either, and most of my investments are in other vessels, but I don't call people out as cowards and ignore them for it.
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Thank you, finally someone else saying that while you can make a profit, its not a "sure thing" like many people are saying.

If you want to have some fun and build some new rigs, go ahead and make some money back by mining. But spending thousands expecting to make bank like a few people you'll have just as good a chance of losing it all than breaking even or making a profit.
 
SunnyD said:
Keep in mind that "unexchanged" is purely an estimate. And in middlecoin's case, it's absolutely inaccurate. For example, explain me this:

http://www.middlecoin.com/reports/1EhwRzYzgBqeTUf4vWSiTWJud6DYJH4NJx.html

It should probably read "TO THE MOON!!!"

I guarantee that in current market conditions with 1.3MH/s there is absolutely no way I spiked 0.03 BTC of unexchanged out of nowhere. Also, why did my unexchanged drop drastically and my balance not go up by any appreciable amount at the same time like it usually does when there's usually such an action? Yeah - because middlecoin's stats are horribly broken these days.
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Just wanted to follow up on this, i'm still getting all that unexchanged that i had from days ago filtering through and i'm not even mining on there. So while it may not be 100% accurate, it's really being paid to me :D
 
blade52x said:
3) Experience in setting up, expanding, and effectively maintaining a small network. And I am still looking into how I can get all of my GPUs "pooled together" and then sent out as a single automated profit switching worker.
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Look into the Stratum mining proxy. You set all of your workers to "mine" your proxy and your proxy is what actually attaches to a specific pool. Then you theoretically could have 100 workers, and only need to switch one machine, your proxy, to a different pool. You can also start and stop mining on all of your workers whenever you want just by starting and stopping your proxy.
 
Carbon_Rod said:
Look into the Stratum mining proxy. You set all of your workers to "mine" your proxy and your proxy is what actually attaches to a specific pool. Then you theoretically could have 100 workers, and only need to switch one machine, your proxy, to a different pool. You can also start and stop mining on all of your workers whenever you want just by starting and stopping your proxy.
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Sounds cool - almost like a custom multi pool.
 
vortec4800 said:
Sounds cool - almost like a custom multi pool.
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There was another guy who was supposedly trying to make a front end for it. I don't know if he ever released anything.

But ya, with a little bit of custom scripting I'm sure the whole switching process could be automated.
 
I'm going to have to get one setup. I wonder if you could even solo mine on the proxy. (Would be hugely beneficial for new coin releases to have a single location of all hash power)
 
blade52x said:
I'm going to have to get one setup. I wonder if you could even solo mine on the proxy. (Would be hugely beneficial for new coin releases to have a single location of all hash power)
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This is exactly how you do it.

Use your stratum proxy to point at pools of the new coins coming out...use a single account name / pw for your pool profiles and.... $$$

;)
 
atp1916 said:
This is exactly how you do it.

Use your stratum proxy to point at pools of the new coins coming out...use a single account name / pw for your pool profiles and.... $$$

;)
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How about mining through a wallet? Just set the pool as the local computer address running the wallet?
 
^^ Correct.

The key here is that your individual miners are always pointing toward the PC with your proxy on it.

It makes no matter if it's a local wallet PC or another pool. In the case of a wallet, the wallet can be anywhere on your local network.
 
CookieFactory said:
You know what they say about assumptions. They make an ass out of you and..well, in this case just you.
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You would type that as the market is in the midst of recovering?

Your hypocrisy (you assume the price will go down) and ignorance (the market is actually recovering) only highlights why folks of your ilk are gonna get steamrolled by the BTC Train.

:)
 
atp1916 said:
You would type that as the market is in the midst of recovering?

Your hypocrisy (you assume the price will go down) and ignorance (the market is actually recovering) only highlights why folks of your ilk are gonna get steamrolled by the BTC Train.

:)
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Hypocrisy. I do not think it means what you think it means.
 
^^ Yes, let's redefine things so they fit your use case.

Sorry kiddo, you lost this one.
 
I am done commenting in the front page section on every bitcoin story trying to correct the misinformed, its going to give me an aneurysm.
 
Well, looks like some tax returns covered my electricity this month, so I can keep all my measly bit coins from february(such a terrible month for mining for me). Let's see where Bitcoin goes in March!
 
nvgrim said:
I am done commenting in the front page section on every bitcoin story trying to correct the misinformed, its going to give me an aneurysm.
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Don't bother correcting them. More bitcoin for us!
 
blade52x said:
BlackCoin was released last night, and seems kind of cool. It goes from 100% POW (proof of work) to 100% POS (proof of stake) in exactly 1 week. So you can only mine this coin for another 6.5 days. It's the same thing as MINT in that sense, but will get to POS before it. And MINT recently went to the moon so I am mining this for now.
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12-17 GH/s net hash rate now. This coin is blowing up. :D

4 more days of PoW mining after the stroke of midnight. With that said, this has been one of the least early adopter friendly coins I have ever mined. Difficulty rose very fast. I've resorted to buying some today with BTC.
 
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