Cryptocurrencies

What cryptocurrencies do you use/own?

  • Bitcoin (XBT)

    Votes: 30 27.8%

  • Ether (ETH)

    Votes: 16 14.8%

  • Litecoin (LTC)

    Votes: 15 13.9%

  • Peercoin (PPC)

    Votes: 0 0.0%

  • Dash (DASH)

    Votes: 3 2.8%

  • Dogecoin (XDG)

    Votes: 4 3.7%

  • Blackcoin (BLK)

    Votes: 0 0.0%

  • Zcash (ZEC)

    Votes: 3 2.8%

  • Other

    Votes: 14 13.0%

  • None

    Votes: 69 63.9%
  • Total voters
    108
phaZed said:
My L3+ Miner came in today! Yay!
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Congratulations :)

My L3+ miners have been a good investment so far. They manage to earn about $600-$700 each per month, pointed at NiceHash's servers.

The D3 (which arrived about a week ago) aint so great presently. Due to an increase in mining difficulty, it probably manages a mere $150-$200/month, which is barely more than it costs to run. However, since there's not much else to compete with for X11 mining, I would expect the price of X11 coins to rise in the near future to reflect the mining costs, so I'm mining Dash directly (which I plan to hold, at least until it increases in value).

I have another L3+ on order, which is due to be despatched next month, and I ordered another S9 from the January batch too. While the S9 isn't quite as profitable as the L3+, I think they're a good long-term investment still. Even if a newer, more efficient model, is released soon, SHA256 is so saturated with mining power already that I think it would take a long time for it to have any effect the profitability of the S9.
 
Diggs said:
Can you pay for these miners in bitcoin?
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Yes.

Although, as the CEO of Bitmain is a proponent of Bitcoin Cash, lately Bitmain have been accepting BCH payments only, stating lower transaction fees as the reason. You can of course use BTC to acquire BCH, using an exchange or a service such as ShapeShift.
 
There are certainly some 'ease of use' issues to solve, and I worry that the very thing that makes it a good investment is impeding it becoming a good currency. My little horde of bitcoin earned with my single rig is now worth about $2K (my rig cost $3K back in August), and given it's growth curve, I am not about to spend any of it at this point. I certainly enjoy watching the rig work & dump it's weekly earnings into my wallet, but I'm also cognizant that if I had taken that $3K & just purchased BC in August, I'd have about $13K in value now.
 
HCHTech said:
I certainly enjoy watching the rig work & dump it's weekly earnings into my wallet, but I'm also cognizant that if I had taken that $3K & just purchased BC in August, I'd have about $13K in value now.
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It can certainly make more sense to simply invest by purchasing cryptocurrencies, instead of mining, especially if it's 'your own money' that you're investing. However, if you own an IT business, your mining hardware is either a business investment or stock (and as such may even be eligible for 'depreciation' for tax purposes) and the electricity used is a business expense. Mining equipment (for as long as it is profitable) also continues to produce a passive income/return even when the price (of BTC or whatever you're mining) isn't rising.
 
Moltuae said:
My L3+ miners have been a good investment so far. They manage to earn about $600-$700 each per month, pointed at NiceHash's servers.
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How long from the time you order until you get your L3+? I was leery looking at 3 months+ to get one. A long time to tie up 'coins. It's such a toss-up. Pay $3800CDN and wait 3 months, or buy one from someone in country for $5500...
 
I ordered my L3+ 10/14 and it arrived today 11/27.

Shipping took literally 3 days... so they hold them for a while for whatever reason.
 
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So, what is "RippleNet?"
I have been reading (some) articles about Ripplenet and how "the worlds banks" are getting involved in blockchain technology.
Is this an attempt to regulate or grab control of cryptomining before they themselves become redundant?
To my (small and limited) understanding it doesn't look good. :confused:
 
HCHTech said:
My little horde of bitcoin earned with my single rig is now worth about $2K (my rig cost $3K back in August), and given it's growth curve, I am not about to spend any of it at this point. I certainly enjoy watching the rig work & dump it's weekly earnings into my wallet, but I'm also cognizant that if I had taken that $3K & just purchased BC in August, I'd have about $13K in value now.
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You could have put $3,000 into BTC and have it worth $1,260 as it did from Dec 2013 to April 2014.

When I got involved in crypto earlier this year (mid June) I threw $100 at Ethereum thinking "hey, this is a hot one I keep hearing about, I bet it'll go up, what the hell...". Within a month it had dropped to 1/2 of that. It rebounded but dropped. It now looks like it's climbed beyond the $370 price I bought in at, but it was pretty frightening much of that time (well not really frightening but made me think I had really screwed up and glad it was only $100).
 
MudRock said:
How long from the time you order until you get your L3+? I was leery looking at 3 months+ to get one. A long time to tie up 'coins. It's such a toss-up. Pay $3800CDN and wait 3 months, or buy one from someone in country for $5500...
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It varies, depending on the batch and when you order. I've had some Antminers take as long as 3 months to arrive and others as little as 1 month.

Barcelona said:
So, just out of curiosity, how much of that "$600-$700" is actually profit after power costs are taken into account?
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I'm using the heat it generates, so none (one advantage of living in a country where Summer lasts about a week). It's effectively all profit for me because it's costing no more than it would to run heaters. If that wasn't the case, the net profit would probably be about $400 - $550, depending on electricity costs of course.

Barcelona said:
So, what is "RippleNet?"
I have been reading (some) articles about Ripplenet and how "the worlds banks" are getting involved in blockchain technology.
Is this an attempt to regulate or grab control of cryptomining before they themselves become redundant?
To my (small and limited) understanding it doesn't look good. :confused:
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Ripple is an example of the banks 'bargaining' (aka The 3rd stage of the '5 Stages of Grief'). Blockchain tech without the distributed, decentralised network has little-to-no benefits over traditional databases/ledgers and to implement a blockchain within a centralised environment is to completely miss the point of cryptocurrencies. A centralised blockchain is still susceptible to to all the same vulnerabilities that the 'present system' is, such as control, manipulation, corruption and attack. The banks will fail. The good news for cryptocurrencies is that the banks are spending millions training the next blockchain engineers ...


timeshifter said:
When I got involved in crypto earlier this year (mid June) I threw $100 at Ethereum thinking "hey, this is a hot one I keep hearing about, I bet it'll go up, what the hell...". Within a month it had dropped to 1/2 of that. It rebounded but dropped. It now looks like it's climbed beyond the $370 price I bought in at, but it was pretty frightening much of that time (well not really frightening but made me think I had really screwed up and glad it was only $100).
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I've bought just before a dip many times. You just have to have the nerve to hold and ride it out (or 'HODL!' as the crypto enthusiast say). Never sell at a loss. If the cryptocurrency is one worth investing in, it'll bounce back. Most of the Bitcoin and Ethereum I've ever bought I somehow managed to buy just before the price crashed, but most of that was back when BTC was just a few hundred Dollars and ETH was in the tens of Dollars .... both of which have bounced back nicely! I believe Warren Buffet once said "The stock market is a device for transferring money from the impatient to the patient."; I think that applies equally to the cryptocurrency market. Buying and selling to make a quick profit is a gamble; buying and holding is an investment.
 
Keiser: Dollar Collapsing Against Bitcoin
Link: https://cointelegraph.com/news/keiser-dollar-collapsing-against-bitcoin
“I think we are seeing fiat currencies in a hyperinflationary collapse against Bitcoin.”

“Bitcoin is a perfect currency, something that is utterly changing the global finance and market and is putting banksters and the central banks out of business. It should be applauded because they’ve been horribly bad actors. We need to get rid of them and let Bitcoin transform our world.”
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$10,000 Bitcoin Price is “Cheap, Highly Undervalued”, Says Gatecoin Executive
Link: https://www.cryptocoinsnews.com/100...p-highly-undervalued-says-gatecoin-executive/
“Bitcoin is divisible up to 8 decimal places,” the Gatecoin executive told the interviewer, referring to the smallest fraction of a Bitcoin, also known as Satoshis (0.00000001 BTC – a hundredth of a millionth BTC). He stated: "Even if one bitcoin is worth a $1,000,000, you could still have $1 USD worth of bitcoin which you could still transact peer-to-peer. It’s important to look at bitcoin in that way with that longer-term view."
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I have read that places like Venezuela people convert their money into bitcoin because it is so unstable so they can buy food to eat and bitcoin keeps going up something is going to happen soon i can see this putting big banks out of business.
 
Galdorf said:
I have read that places like Venezuela people convert their money into bitcoin because it is so unstable so they can buy food to eat and bitcoin keeps going up something is going to happen soon i can see this putting big banks out of business.
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And it's not just Venezuela. There are a number of countries that are turning to cryptocurrencies due to economic turmoil.

I really think we're heading for a tipping point that will result in a global collapse of the traditional banking systems. As the cracks begin to show and that becomes more evident, a mass migration to cryptocurrencies will only accelerate that collapse.

As I said recently:

Moltuae said:
It's already happening in some countries that are in economic turmoil, such a Venezuela, where their own fiat currencies have become practically worthless; people there are turning to Bitcoin just to survive and buy food. And, if you look at what's happing economically around the world -- Brazil, Zimbabwe, Greece, to name but a few -- many countries are already heading for the same fate. When you consider that the global economy is a complex balance of individual economies, like a delicately balanced stack of playing cards, it doesn't take much to upset the balance and bring the global economy crashing down, bringing those at the top with it.
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And that doesn't account for more countries like Japan (the world's 3rd largest economy) voluntarily adopting cryptocurrencies (ie jumping before they're pushed).
 
For a mainstream media article, I thought this was a surprising well-informed and well written piece:

Bitcoin has broken the $10,000 barrier – and this run can go further
Link: https://www.theguardian.com/comment...oin-broken-10000-dollar-barrier-frenzy-bubble

Let me tell you something all bitcoin’s advocates have in common. They have invested. They have been persuaded by the story. They have used the technology and are familiar with it. They are talking their own book.

Its critics, meanwhile, have almost invariably not invested. Often they are cross with themselves for missing the opportunity. Most importantly of all, they have not experimented with the tech.
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That’s what people don’t get. Bitcoin is a tech. Those who use it, love it. Those who don’t, dismiss it. It’s like parents not getting Snapchat. Using the tech creates the converts. Almost every criticism you will hear, from the claim that governments will shut it down to JP Morgan’s chief executive, Jamie Dimon, saying it’s “a fraud”, just shows a lack of familiarity with the tech.
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Critics tell you bitcoin relies on greater-fool theory – people only buy it because they think they’ll be able to sell it to somebody else at a higher price. But any kind of trading works on that basis. Who is the greater fool? The guy who participates in the greatest investment mania any of us will ever see in our lifetimes? Or the guy who misses out?
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And a hair on the slow side, concidering it broke $11,000 this morning :)

Edit: Your last quote is funny to think about, because most who dismiss it, are likely the same who don't control their investment, but rely on others to do so, and those who are content to make less than inflation in their investments, because they're 'stable'.
 
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MudRock said:
And a hair on the slow side, concidering it broke $11,000 this morning :)
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It did. About $11,400 in fact before falling back by about $800 Dollars.

I think we can blame the Americans for that one. It was on its way to $12K before they all woke and started selling! ;)

$11K should be easier to conquer the second/third time though and, now that we're above $10K, most of the round-numbers should present less of a psychological barrier until we start adding more digits.
 
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