• Some users have recently had their accounts hijacked. It seems that the now defunct EVGA forums might have compromised your password there and seems many are using the same PW here. We would suggest you UPDATE YOUR PASSWORD and TURN ON 2FA for your account here to further secure it. None of the compromised accounts had 2FA turned on.
    Once you have enabled 2FA, your account will be updated soon to show a badge, letting other members know that you use 2FA to protect your account. This should be beneficial for everyone that uses FSFT.

The Altcoin Thread

UncleDavid218 said:
So, time to sell all of our GPU rigs or what?
Click to expand...

I don't think so. Even if 90% of the alt coins died, BTC and LTC will still be there, but I don't think they will die. I think, and hope this will shake loose many of the worthless coins that are flooding the market.
 
Pitbully said:
I don't think so. Even if 90% of the alt coins died, BTC and LTC will still be there, but I don't think they will die. I think, and hope this will shake loose many of the worthless coins that are flooding the market.
Click to expand...
But - at least it's my understanding - the difficulties are so high (especially with BTC but still so with LTC) that there's almost no way mining either of those coins would be profitable anymore.
 
I wouldn't mind seeing a purging of nearly all $hit alt-coins save for maybe 10.
 
edge929 said:
I wouldn't mind seeing a purging of nearly all $hit alt-coins save for maybe 10.
Click to expand...

If that were to happen, the difficulties on the 10 coins would be so high the profit would be crap.

The more coins, the higher the profits. The real problem is there's just so many people mining now. It's caused the demand for more coins, otherwise mining would have become pointless already.
 
I've had a measly 1.2MH/s pointed at scryptguild for 24+ hours now and only have .001 BTC to show for it..
 
TheToE! said:
I've had a measly 1.2MH/s pointed at scryptguild for 24+ hours now and only have .001 BTC to show for it..
Click to expand...
Dont worry, we're all in the dumps lately.

Good news is you can supersize you're next value meal. :D
 
TheToE! said:
I've had a measly 1.2MH/s pointed at scryptguild for 24+ hours now and only have .001 BTC to show for it..
Click to expand...

I pointed a good chunk of power at them this morning and after looking at the numbers and blocks, it's going to be the shittest payday i've had in weeks. Going to switch back to Middlecoin / Wafflepool.
 
TheToE! said:
I've had a measly 1.2MH/s pointed at scryptguild for 24+ hours now and only have .001 BTC to show for it..
Click to expand...

60 MH/s over 24 hours and I've gotten .55 BTC. I'm not gonna complain. I think you're doing something wrong. Scrypt is fantastic, much better than Waffle was (.33 a day, really?).
 
vibe said:
60 Mhash? You should just link a picture of your rigs in your signature because everyone is just going to ask :D
Click to expand...

It's really not complicated, I built a rack and then saw a business opportunity and built 4 more. I've got another 4 sitting in my downstairs den right now doing nothing but waiting for me to get either data center space or my electrical company's blessing to get a boring team in to upgrade my service so I can power them, putting me at around 120KH/s.

Here is a single "rack", I started with one in my garage and promptly built 3 more:

http://imgur.com/LgWH9y6
 
87dtna said:
If that were to happen, the difficulties on the 10 coins would be so high the profit would be crap.

The more coins, the higher the profits. The real problem is there's just so many people mining now. It's caused the demand for more coins, otherwise mining would have become pointless already.
Click to expand...

But once again, a new crap coin comes on the market, people mine it for the first week and then it's valueless after that. I think people are sick of coins that provide no payback beyond the first couple weeks and are tired of pumping their (now) relatively hard earned BTC into something that will not give anything back. There's also only so many people participating in the market so only limited funds available to seed these new coins. So whatever demand was there, perceived or otherwise, is now gone.

I think this whole situation can be summed up as being very similar to the Gox scenario... 90% of coin designers are just internet nerds who have NO CLUE about economics or marketing and create their coin(s) without any knowledge of just how the market will react to it. That's why all of those coins are failures right now. The odd few get it right... most don't.
 
izusaga said:
It's really not complicated, I built a rack and then saw a business opportunity and built 4 more. I've got another 4 sitting in my downstairs den right now doing nothing but waiting for me to get either data center space or my electrical company's blessing to get a boring team in to upgrade my service so I can power them, putting me at around 120KH/s.

Here is a single "rack", I started with one in my garage and promptly built 3 more:

http://imgur.com/LgWH9y6
Click to expand...
Did you pay it back already?
 
izusaga said:
Here is a single "rack", I started with one in my garage and promptly built 3 more:

http://imgur.com/LgWH9y6
Click to expand...


You have SIX evga 1000g2 running off a single circuit?

Mind blown. How is that possible?

By the way you'd save 5% of your power bill if you had that circuit converted to 220v

Someone's credit card is maxed out, especially if those are 290/290X

Must be cooler climate too.
 
kache said:
Did you pay it back already?
Click to expand...

A couple things:

1) I got all of my cards directly out of South Korea using a connection I have with a VAR. I paid roughly 10% over MSRP. I could liquidate my entire setup today and sell the cards for a 20%-30% gain. 144 R9 290's alone being sold would recoup my entire Cap Ex at this point, including electricity costs, and more.

2) I've made a couple strategic choices that panned out well. Such as switching a single 5.2 MH/s rig to Auroracoin early and getting more than a few solo blocks and then cashing out @ $60.

3) I made stupid profits off Vertcoin when it was over $5 a coin and the difficulty was in the teens.

4) MINT/KDC/LEAF netted me significant early returns, and some very nice solo mining block rewards.

To answer your question directly, I have BTC far in excess to the cost of my equipment and could easily fully pay off the cost of the hardware, but I've got significant credit lines and about half of my hardware was paid outright, the remaining half stuck on a few 0% cards @ 24-36/m.. so I'm holding the profits in hopes they raise. My hedging bet will either hurt me or not, but either way I could pay off the entirety with selling the cards alone.

Additionally, I started this entire endeavor with around 20k BTC I've had banked since early 2010. So this was mostly a hobbyist stab at the "gold rush" so to speak, just on a different scale than I was fiscally able to do back then. (My initial BTC came from mining on a laptop in my garage that I forgot about for a few weeks..)
 
izusaga said:
It's really not complicated, I built a rack and then saw a business opportunity and built 4 more. I've got another 4 sitting in my downstairs den right now doing nothing but waiting for me to get either data center space or my electrical company's blessing to get a boring team in to upgrade my service so I can power them, putting me at around 120KH/s.

Here is a single "rack", I started with one in my garage and promptly built 3 more:

http://imgur.com/LgWH9y6
Click to expand...

Hi virge! Make sure you tell them your AuroraCoin story. :)
 
izusaga said:
It's really not complicated, I built a rack and then saw a business opportunity and built 4 more. I've got another 4 sitting in my downstairs den right now doing nothing but waiting for me to get either data center space or my electrical company's blessing to get a boring team in to upgrade my service so I can power them, putting me at around 120KH/s.

Here is a single "rack", I started with one in my garage and promptly built 3 more:

http://imgur.com/LgWH9y6
Click to expand...

So, as someone with some substantial $$$ invested in this, I'm quite interested in your opinion.

At this point in the market, when I see there are many of us struggling to make .007 BTC per MH or better whether through a combination of using profit switching pools or mining individual coins here and there, do you feel this is still a time when further expansion could still be profitable within the alt coin market? I suppose if the hardware was paid for already, it's almost a moot point... might as well put it to work for you. But let's assume you didn't have all that hardware for those 4 additional racks you want to put to work and you were still planning on expanding. Would you look at the profits now and compare them to the profits of a month ago and say "we're slipping so maybe I should rethink this" or would you still go ahead with such a massive expansion?
 
Carbon_Rod said:
So, as someone with some substantial $$$ invested in this, I'm quite interested in your opinion.

At this point in the market, when I see there are many of us struggling to make .007 BTC per MH or better whether through a combination of using profit switching pools or mining individual coins here and there, do you feel this is still a time when further expansion could still be profitable within the alt coin market? I suppose if the hardware was paid for already, it's almost a moot point... might as well put it to work for you. But let's assume you didn't have all that hardware for those 4 additional racks you want to put to work and you were still planning on expanding. Would you look at the profits now and compare them to the profits of a month ago and say "we're slipping so maybe I should rethink this" or would you still go ahead with such a massive expansion?
Click to expand...

Everyone views things differently. Given that I truly consider this more of a hobby and am not mining for profit, I am attempting to be as strategic as possible. Before I started using Waffle/Scryptguild I had to spend a lot more energy into logistics, because I want to have roughly 33% of my coins mined be DOGE (I personally feel that it has the highest potential to surpass LTC, and I'm sitting on roughly 50mil DOGE right now and if it raises to even one penny I'll consider that a win), and the remaining 66% I was converting from whatever coin I was mining at the time to BTC. I spent a lot of time invested in manually running alt coins while watching the market, and have around 60 wallets installed (with maybe 20 more having been uninstalled..) and it was a lot of energy to keep up on outside my day job and started to burn me out pretty quickly. I had begun to seriously consider simply switching everything to DOGE and giving up on "strategery".

ScryptGuild and services like it have simplified this process for me. I can give Scrypt a set number of DOGE I want it to keep and then tell it if/when to cash out to my wallet, and then I allow the remaining hash power to be thrown at the most profitable coin automatically and converted to BTC, also automatically. It's a perfect win/win for me because I practically don't even look at my miners anymore. They're automated to the point where if I lose a card a script runs that power cycles said PSU pair on a network PDU and it's back up and running. I haven't actually looked at my hardware in the past week at all, I've just been doing my normal dayjob while job #2 makes me more money without me needing to do anything outside randomly looking at the cryptocurrency market charts to satiate curiosity.

Basically, I'm in for the long haul. I think that BTC or a similar currency has the potential to, over the next 10 years, become widely adopted and eventually overthrow the current pillars of power of "traditional" banking, and I'll essentially be the equivalent of "old money". All the alt coins and BTC I've accumulated and banked stand the potential to grow in value exponentially, and I'll use that to fund my future endeavors.. I basically work my day job as a hobby because I like what I do for a living.

To answer your question directly, I feel that the alt coin market is strong, and that eventually one script coin will officially become the "silver" standard. LTC currently shows the most promise, with DOGE very close on it's heels - but we're very early in this game and I've survived the beginning of the internet and know that the early technologies are not always the ones that succeed.

I take the profits of today vs. a month ago and I ignore the dip. I look at the long-term trend of BTC and it's strong growth over multiple dips and realize that we're dealing with what is essentially a commodities market in it's infancy.. and it's one which shows stronger trending than any similar market in the history of humanity.

I'm in for the long-haul. I believe in Crypto. I'm invested in it with all of my disposable income. I'll either end up very broke, or very rich - and either way the ride will be amazing.
 
izusaga said:
A couple things:

1) I got all of my cards directly out of South Korea using a connection I have with a VAR. I paid roughly 10% over MSRP. I could liquidate my entire setup today and sell the cards for a 20%-30% gain. 144 R9 290's alone being sold would recoup my entire Cap Ex at this point, including electricity costs, and more.

2) I've made a couple strategic choices that panned out well. Such as switching a single 5.2 MH/s rig to Auroracoin early and getting more than a few solo blocks and then cashing out @ $60.

3) I made stupid profits off Vertcoin when it was over $5 a coin and the difficulty was in the teens.

4) MINT/KDC/LEAF netted me significant early returns, and some very nice solo mining block rewards.

To answer your question directly, I have BTC far in excess to the cost of my equipment and could easily fully pay off the cost of the hardware, but I've got significant credit lines and about half of my hardware was paid outright, the remaining half stuck on a few 0% cards @ 24-36/m.. so I'm holding the profits in hopes they raise. My hedging bet will either hurt me or not, but either way I could pay off the entirety with selling the cards alone.

Additionally, I started this entire endeavor with around 20k BTC I've had banked since early 2010. So this was mostly a hobbyist stab at the "gold rush" so to speak, just on a different scale than I was fiscally able to do back then. (My initial BTC came from mining on a laptop in my garage that I forgot about for a few weeks..)
Click to expand...

Lol. :eek:
Well, congrats I guess. You got lucky at the beginning, and then make some smart investments and choices, which paid off. :)
Now you don't have to work ever again. :D
 
izusaga said:
Everyone views things differently. Given that I truly consider this more of a hobby and am not mining for profit, I am attempting to be as strategic as possible. Before I started using Waffle/Scryptguild I had to spend a lot more energy into logistics, because I want to have roughly 33% of my coins mined be DOGE (I personally feel that it has the highest potential to surpass LTC, and I'm sitting on roughly 50mil DOGE right now and if it raises to even one penny I'll consider that a win), and the remaining 66% I was converting from whatever coin I was mining at the time to BTC. I spent a lot of time invested in manually running alt coins while watching the market, and have around 60 wallets installed (with maybe 20 more having been uninstalled..) and it was a lot of energy to keep up on outside my day job and started to burn me out pretty quickly. I had begun to seriously consider simply switching everything to DOGE and giving up on "strategery".

ScryptGuild and services like it have simplified this process for me. I can give Scrypt a set number of DOGE I want it to keep and then tell it if/when to cash out to my wallet, and then I allow the remaining hash power to be thrown at the most profitable coin automatically and converted to BTC, also automatically. It's a perfect win/win for me because I practically don't even look at my miners anymore. They're automated to the point where if I lose a card a script runs that power cycles said PSU pair on a network PDU and it's back up and running. I haven't actually looked at my hardware in the past week at all, I've just been doing my normal dayjob while job #2 makes me more money without me needing to do anything outside randomly looking at the cryptocurrency market charts to satiate curiosity.

Basically, I'm in for the long haul. I think that BTC or a similar currency has the potential to, over the next 10 years, become widely adopted and eventually overthrow the current pillars of power of "traditional" banking, and I'll essentially be the equivalent of "old money". All the alt coins and BTC I've accumulated and banked stand the potential to grow in value exponentially, and I'll use that to fund my future endeavors.. I basically work my day job as a hobby because I like what I do for a living.

To answer your question directly, I feel that the alt coin market is strong, and that eventually one script coin will officially become the "silver" standard. LTC currently shows the most promise, with DOGE very close on it's heels - but we're very early in this game and I've survived the beginning of the internet and know that the early technologies are not always the ones that succeed.

I take the profits of today vs. a month ago and I ignore the dip. I look at the long-term trend of BTC and it's strong growth over multiple dips and realize that we're dealing with what is essentially a commodities market in it's infancy.. and it's one which shows stronger trending than any similar market in the history of humanity.

I'm in for the long-haul. I believe in Crypto. I'm invested in it with all of my disposable income. I'll either end up very broke, or very rich - and either way the ride will be amazing.
Click to expand...
I like you. :D
And I'm kinda envious that I'm not in the economical position to see it in the same positive and entertaining (?) way as you do. :D

vibe said:
50... 50 million doge? Holy cow.
Click to expand...
That's really not much. Wolong was moving the market with nearly 3 BILLION Doge and that was nearly 2 months ago.
By now there are probably many people who have over a billion doge in their pockets.
 
I was a first week doge miner so I have a million.

But before the first halve I was down to like 1000 per hour, so I stopped there.
 
kache said:
That's really not much. Wolong was moving the market with nearly 3 BILLION Doge and that was nearly 2 months ago.
By now there are probably many people who have over a billion doge in their pockets.
Click to expand...

The difference is that I have this feeling that his 50 million was mined and actually required that effort whereas Wolong's billions were just bought using his existing wealth. So, ya it can be argued that anyone can be a DOGE billionaire if they have enough BTC. Mining 50 million and having it not cost anything to obtain (beyond electricity costs that is) is a bit more of an accomplishment if you ask me.
 
izusaga said:
Everyone views things differently. Given that I truly consider this more of a hobby and am not mining for profit, I am attempting to be as strategic as possible. Before I started using Waffle/Scryptguild I had to spend a lot more energy into logistics, because I want to have roughly 33% of my coins mined be DOGE (I personally feel that it has the highest potential to surpass LTC, and I'm sitting on roughly 50mil DOGE right now and if it raises to even one penny I'll consider that a win), and the remaining 66% I was converting from whatever coin I was mining at the time to BTC. I spent a lot of time invested in manually running alt coins while watching the market, and have around 60 wallets installed (with maybe 20 more having been uninstalled..) and it was a lot of energy to keep up on outside my day job and started to burn me out pretty quickly. I had begun to seriously consider simply switching everything to DOGE and giving up on "strategery".

ScryptGuild and services like it have simplified this process for me. I can give Scrypt a set number of DOGE I want it to keep and then tell it if/when to cash out to my wallet, and then I allow the remaining hash power to be thrown at the most profitable coin automatically and converted to BTC, also automatically. It's a perfect win/win for me because I practically don't even look at my miners anymore. They're automated to the point where if I lose a card a script runs that power cycles said PSU pair on a network PDU and it's back up and running. I haven't actually looked at my hardware in the past week at all, I've just been doing my normal dayjob while job #2 makes me more money without me needing to do anything outside randomly looking at the cryptocurrency market charts to satiate curiosity.

Basically, I'm in for the long haul. I think that BTC or a similar currency has the potential to, over the next 10 years, become widely adopted and eventually overthrow the current pillars of power of "traditional" banking, and I'll essentially be the equivalent of "old money". All the alt coins and BTC I've accumulated and banked stand the potential to grow in value exponentially, and I'll use that to fund my future endeavors.. I basically work my day job as a hobby because I like what I do for a living.

To answer your question directly, I feel that the alt coin market is strong, and that eventually one script coin will officially become the "silver" standard. LTC currently shows the most promise, with DOGE very close on it's heels - but we're very early in this game and I've survived the beginning of the internet and know that the early technologies are not always the ones that succeed.

I take the profits of today vs. a month ago and I ignore the dip. I look at the long-term trend of BTC and it's strong growth over multiple dips and realize that we're dealing with what is essentially a commodities market in it's infancy.. and it's one which shows stronger trending than any similar market in the history of humanity.

I'm in for the long-haul. I believe in Crypto. I'm invested in it with all of my disposable income. I'll either end up very broke, or very rich - and either way the ride will be amazing.
Click to expand...

Well, thanks for that! I very much appreciate your views and insight on the crypto scene and your thoughts on the recent dip in alt coin profitability. It's not often that I (or we) get a chance to chat with someone who could be considered a heavy hitter. Thanks again. :D
 
Somebody's pumping RDD on Cryptorush.in right now... get you some!

From 8 Satoshis, its up to 16/17.
 
izusaga said:
Additionally, I started this entire endeavor with around 20k BTC I've had banked since early 2010. So this was mostly a hobbyist stab at the "gold rush" so to speak, just on a different scale than I was fiscally able to do back then. (My initial BTC came from mining on a laptop in my garage that I forgot about for a few weeks..)
Click to expand...

20K BTC? Why are you still mining with us with peasants! Your are too worthy! :p
 
Ya I remember in 2011 trying to start "mining" Bitcoin. I got the wallet installed, let it download the block chain for 4 or 5 hours, and once it was done I had no clue where to go from there. None of the guides I'd read were too clear. Too bad my perseverance didn't prevail back then. Blargh... oh well hindsight is 20/20. :( :p
 
indeed, it was another year before I could be troubled to delve further than that thread...to my eternal dismay

forgive me Bitcoin, my faith was insufficient
 
I retardedly stopped mining... Sold off like 12 BTC for some Newegg GC and bought some stupid stuff for like $90 or something. It took my 570s a long time back then, and I almost lost one of them from the GPU strain. Cook method brought it back to life... It took so long to get them, and so I figured the GPU stain and return wasn't worth it. So, I stopped.... Never thought it would get this big... Damn

/bangs head on desk
 
Carbon_Rod said:
Somebody's pumping RDD on Cryptorush.in right now... get you some!

From 8 Satoshis, its up to 16/17.
Click to expand...
Lol, I had a sell order at 15 satoshi for nearly a month now, happy to see that it finally got fulfilled.
Time to buy more doge. :D
 
You must log in or register to reply here.
Back
Top