Cryptocurrency world - Selling hashpower, mining, and making money

zeddie

zeddie

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ColdDog said:
In Montoya terms... I'd give it 25% existing in its current form in 20 years. I'd give it a 95% chance of melt down / bubble burst within the next 3 years. People will play as long as they are making money to inflate the value, but in the end... there is nothing there to support it - people could play this game with rocks and have. Buy low/sell high etc. The stock markets have real brick and mortar... real jobs... real stuff behind them. When the tech or housing bubble burst it was because the market did not reflect reality and it will need to correct. I am not an economist... I am an engineer - I let my financial advisers advise me. But I can see systemic deficiencies from a mile away. Make as much as you can while you can... I'd say have fun. Just don't end up in a cardboard box asking for change.
Click to expand...
There are many coins who will end up disappearing, because their underlying objective is just to make a few quick bucks while trying to catch the trend. (like that CryCash crap Crytek is trying to do) There are, however, a few that are worth following because they're trying to do something quite impressive if done correctly.

Their inherent value isn't in its coin's trade worth, but its underlying code and what it's trying to accomplish. The BlockChain that surrounds each "coin" is what makes them worth investing in. It's a product in itself. If you think all those "virtual coins" are valueless, then you aren't looking at the correct thing. We can be excited that the value of the specific currency goes up, but it's a bigger news when a new robust feature is implemented in the BlockChain.

It is probably in a bubble right now, and the values will drop, but I don't think they will crash. It's a good thing that it's being reported on mainstream media, so there's more exposure, so more people can actually look into what they really are, and what they're trying to accomplish. Support it for what they are, and not what they're currently worth. With more support, more people using, it'll only expand. The core concept and code is good. We just need more people to be aware of them. The current "bubble" then, is a good thing for the concept of BlockChain. Crypto Currency is only the tip of the iceberg. It's a lot more complicated than just a value associated to a name.

Also, it goes without saying, DO NOT invest your life's saving into any BlockChain. Don't take out a loan to invest into them. I'm only doing this bit by bit with mining using a card that isn't doing anything when I'm not gaming, and I have cheap electricity. Some days it's not bringing me anything (this past weekend >.>) while other days it gives me over $10. It's never a sure thing, but since it's a zero-sum gain for me, I don't really stress over the dead days.
 
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DirectorGunner

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DarthMatter said:
Looks like you calculated the cost per month using 31 days/month and the profit using 30 days/month.
Other than that the calculations match with what I got, (5.08166666) and 48.6675 on average per day.
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Yea, I like to error on the side of cost instead of profit. better to have a little extra than be surprised by less than expected profits.
Sweet, k. Now I just need to find $100K ;D
 
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DarthMatter

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DirectorGunner said:
Yea, I like to error on the side of cost instead of profit. better to have a little extra than be surprised by less than expected profits.
Sweet, k. Now I just need to find $100K ;D
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9 Months is actually the length of my plan too XD
Although I plan to buy everything piece by piece while going back to break-even after every 2 graphic cards I buy (and may have calculated with way to high hashrates as I just took some I saw in a forum).
 
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DarthMatter said:
9 Months is actually the length of my plan too XD
Although I plan to buy everything piece by piece while going back to break-even after every 2 graphic cards I buy (and may have calculated with way to high hashrates as I just took some I saw in a forum).
Click to expand...
I'm fleshing out an entire business proposal with Capex, 5 year, etc etc
Might be able to get small business loan on this because provided the market doesn't crash within 2 years...
it's as guaranteed in earnings as you can get short of subscriptions/license models...
and there's very good salvage value to the business.
The breakeven I shared above is just for the rigs,
counting all capex / startup / costs, it's a bit longer but still worth it imo.
My wife is nervous.. but I've an associate in business, and a senior on my undergrad in business..
this is worth the risk under a company venture.
I'm excited, it's less risk than other ideas I've had for businesses... which... I've had a lot. lol
I didn't pursue them like this because risk was too high and too expensive for trying with a SB loan.
They'd require an angel investor, getting an investor on this is going to be a problem unless I develop new IP like mobile apps.
An investor cuts into your business profits longer or indefinitely depending on your agreement.
Hence.. a simple loan is better. Pay it off in under 2 years. Done.. you're now self sufficient.
And you can then fund your own growth, in moderation ofc.
Though... I'll be happy to get this off the ground and stay at a manageable (by me alone) scale.
 
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DirectorGunner said:
I'm fleshing out an entire business proposal with Capex, 5 year, etc etc
Might be able to get small business loan on this because provided the market doesn't crash within 2 years...
it's as guaranteed in earnings as you can get short of subscriptions/license models...
and there's very good salvage value to the business.
The breakeven I shared above is just for the rigs,
counting all capex / startup / costs, it's a bit longer but still worth it imo.
My wife is nervous.. but I've an associate in business, and a senior on my undergrad in business..
this is worth the risk under a company venture.
I'm excited, it's less risk than other ideas I've had for businesses... which... I've had a lot. lol
I didn't pursue them like this because risk was too high and too expensive for trying with a SB loan.
They'd require an angel investor, getting an investor on this is going to be a problem unless I develop new IP like mobile apps.
An investor cuts into your business profits longer or indefinitely depending on your agreement.
Hence.. a simple loan is better. Pay it off in under 2 years. Done.. you're now self sufficient.
And you can then fund your own growth, in moderation ofc.
Though... I'll be happy to get this off the ground and stay at a manageable (by me alone) scale.
Click to expand...
It sounds like you are having even more fun than I am. And I'm having fun even when looking into how much tax I have to pay! (Which is 25-30% for me, if I understand correctly. But as the Tax...department say mining is a hobby it's only on my profit. So as long as I buy new computer-parts to scale up I won't have to pay tax :kissing_smiling_eyes::musical_score: Nothing to see here)
 
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ColdDog said:
For you Gunner... from LinkedIn

https://www.linkedin.com/search/results/content/?anchorTopic=81116&keywords=Europe wants to regulate Bitcoin&origin=NEWS_MODULE_FROM_DESKTOP_HOME

http://fortune.com/2017/12/18/bitcoin-regulation-eu-money-laundering-drug-terrorists/
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They are just starting to look into it, so it's going to be a while before anything is implemented. And from what I have seen it's mostly about having the wallet-providers ask for identification from the person setting up a wallet. Not sure if that in itself will impact mining or profits from it... But as long as you just don't need/try to hide anything I don't see it really being a problem...?

I know "I don't have anything to hide so I don't need to worry" is a potentially bad/problematic argument, but I think these regulations isn't making anything worse from a surveillance perspective. Just bringing something up to the same level as other products are.
 
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DirectorGunner

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ColdDog said:
For you Gunner... from LinkedIn

https://www.linkedin.com/search/results/content/?anchorTopic=81116&keywords=Europe wants to regulate Bitcoin&origin=NEWS_MODULE_FROM_DESKTOP_HOME

http://fortune.com/2017/12/18/bitcoin-regulation-eu-money-laundering-drug-terrorists/
Click to expand...
Thank you, regulation sounds like great news to me, it only means exchanges will be regulated and that means criminals have to pay MORE to get around it. That's good for the currencies. I'm not a criminal and I have a CPA so I'm good.
Also.. in my state... Nevada.. I don't pay taxes on Blockchain transactions.. only when I liquidate/convert to fiat.
That's good for business. They just signed that into law not too long ago.

DarthMatter said:
It sounds like you are having even more fun than I am.
Click to expand...
lol yea, I'm having crazy fun with this right now! it's absorbing all my time with the planning phase atm.
 
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BUTUZ

BUTUZ

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I've found the best investor is me - I can convince myself to do anything :D
 
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Seems I might qualify for an SBA loan, 250K+.. when asking around.. I've good credit and I've had a company for 4.5 years. Albeit my company hasn't made a ton of money in those 4.5 years... maybe my projections/business model and educational / experience background will be enough. Fingers crossed.
 
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Sirus7264

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And here comes the dip guys Bitcoin down to 14k atm down by 3k this week. wonder when it will even out until then here is a fun video for you. Ive got my money sitting in litecoin atm so im somewhat safe and i only had 190 usd in there anyhow hoping my 600 gets in there while things are low on the whole market.

 
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DarthMatter

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And I just got my two new graphics cards for mining.
Maybe I should keep them in the packaging and get a full refund if it doesn't swing up again in a few days...
 
BUTUZ

BUTUZ

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Be strong my young padawans.

This is the test of the thousands of weak newbies that have entered the market in the last 30 days, who will all panic, sell the BTC they just bought for $18k and then sell all their mining rigs.

Do not be the newbie! Keep on mining, in 6 months to a year you will look back and say "thank the lord I didn't panic sell" (if you do not believe in our lord then just thank BUTUZ).
 
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DirectorGunner

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My performance for last 22 days,
One 1080ti and One 980ti running 24/7 with some rough patches on my end, and only started the 980ti recently.
And then two more 1080ti's in my main PC rig, that I run randomly when it's not in use.

(I'm still fleshing out my spreadsheet with formulas)
BUTUZ said:
Do not be the newbie! Keep on mining, in 6 months to a year you will look back and say "thank the lord I didn't panic sell" (if you do not believe in our lord then just thank BUTUZ).
Click to expand...
Amen brother!

Warren Buffet said:
"I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful."
Click to expand...
- Warren Buffet

I am in this for the long haul brother!

Now I need $300k to buy some ASIC miners and GPU rigs, and a few more $100K to do a property build out.
Gonna get an attorney on retainer soon. My business model is looking SWEET! Now to only get a SBA originator to believe in my bplan, or... a private investor that will sign a buyout agreement. I plan to be self sufficient in less than 2 years. Hopefully less than one year if BTC gets another spike in that time.
 
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zeddie

zeddie

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Their inability to transfer out of their account any amount less than 0.1 BTC is scaring me. That is a LOT of BitCoin.
There are ways of getting it out through CoinBase but I don't want to deal with that just yet. Besides, my payout's a lot better mining VTC directly. If that fails, there's also MiningPoolHub which is more consistent.

NiceHash is really convenient for beginners, but there are better miners and pools.

I still have a bit under 0.01BTC that's still on hold that I'm waiting to see what they'll do with though.

Also after looking into Cardano (ADA) after Seung's hype, I bought into it with almost my whole saving of BTC/ETH/DASH. Spent about 40% when it was 50c, then the remainder when it dropped to 35c. Now all that has gone up to 90c+. I can totally see why Seung's so excited about it. (not that it's gone up, but what's behind it. It looks very promising)
(It's hovering at almost a 1$ right now)

I'm currently holding only ADA and VTC.
 
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BUTUZ

BUTUZ

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I have never used Nicehash and I've been mining for over 4 years. Make of that what you will.
 
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