Author Topic: Bitcoin Mining  (Read 7965 times)

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Offline Windigo

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Re: Bitcoin Mining
« Reply #30 on: January 17, 2018, 09:27:44 AM »
so if one wanted to do the POW or POS what kind of initial investment are we looking at? thanks.

POS just needs a CPU, HDD and an internet connection. - you probably can do that now with what you have.
You download the coin's wallet and install it.
You buy some of the coin you want to do POS work in and move it into your wallet. (you need to do this in an exchange)
Your wallet also acts as an automatic ledger (node) and it copies and syncs up to the block chain (this can take days).
It doesn't impact computer performance.

POW requires a computer and mid/higher end GPUs and an internet connection. Or you can buy a dedicated mining machine called an ASIC.
There are several mining sites that make it easy to start as they look after all the software/GUI/backend mining pool settings and programing stuff.
I do it as a profitable hobby, but my business plan says I will have to get serious about it likely in June when I have the resources to go from a 3 GPU open computer rig that I game on, to a separate dedicated 8GPU mining rig.


NOTE that GPUs are harder than hell to get right now.... because miners are buying them up.

Building a decent stand alone mining rig will put you back anywhere from 2-5 K USD (depending on the type and number of GPUs you want to mine with).

Myself personally, I just looked at how many PCIe slots I had in my gaming rig and that determined how many GPUs I eventually bought (3).
Two of the GPUs are outside of my gaming rig and are powered by a separate power supply.
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Offline Labbug

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Offline Windigo

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Re: Bitcoin Mining
« Reply #32 on: January 17, 2018, 01:59:27 PM »
https://www.cnbc.com/2018/01/17/irs-steps-up-tax-enforcement-for-cryptocurrencies.html

up here in Canada it's taxed as capital gains
when I get over my personal exemption I'll worry about it
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My wife insists that it says dyslexia but what does she know.

Offline airboy

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Re: Bitcoin Mining
« Reply #33 on: January 17, 2018, 03:06:26 PM »
I've been investing in the financial markets since I was in Junior High.  I read finance and investment books for fun.  The whole bitcoin thing makes no sense to me.  Every time in my life when an investment opportunity made absolutely no sense to me it ended up in misery.  When the general public becomes really excited about a "really new investment opportunity" that I don't understand in my lifetime, it has ended in misery.

I had students ask me about a couple of these during the course of my B-school career.  The first was day trading tech stocks (that had no profits) in the 1990s.  I was asked about it in class.  I told the class that it was pretty insane to trade money, especially borrowed money to buy something that had no profits.  The students laughed in unison because I really did not understand what was going on.  Almost all lost everything.

Again, during the height of the housing bubble I had students actually borrowing money to flip houses.  Many had parents doing this - especially on the Gulf Coast.  I told them that the housing market was the most over-extended it had been since 1928, that I had gone to a 100% cash position in my real estate development business (started in the mid-1980s) because my partners and I were very alarmed.  Again, lots of laughter by the students which ended in misery for them and their parents.

I'm not mentioning the dozens of Ponzi schemes that students have either asked me about, fallen for, or ones I've reported to the State Attorney General.

I'm not saying that bitcoin might be some really wonderful investment opportunity that my study of financial markets for the last 40 years does not prepare me to understand.  I'm especially not arguing that some have made real money at it.  But all speculative bubbles have real money winners.  After all, even if the investment itself is nuts if you sell it for more than you  paid for it you make real money.

Still, I like all of you guys and I would urge you in the absolutely strongest possible terms not to put a dime into this that you cannot afford to lose.

All of this is of course my opinion.  But I've made a lot of money in the financial markets over the last 40 years.  I've also never been wiped out in an investment.  Not saying I've not been negative at times.  At the absolute heart of the 2000s crash I was down $400,000 at one point.  Still, my lifetime return has been excellent and I generally know enough to realize when things are really "high" or "low" by historical standards.  I've also always kept my head and not gotten swept away by one or another investment craze.

It is your life and not mine.  But I would urge not investing in this with money you need to live on at some point.


Offline jomni

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Re: Bitcoin Mining
« Reply #34 on: January 17, 2018, 11:43:06 PM »
Yes. Very good advice.  Only put in what you can afford lose. Put in only “play money”. Once you make a windfall, take the seed money out. It is very tempting to put more money in but you must control yourself. It might end up as a trap.

I’m a finance professional myself.  My money is still in conventional investments (unit trust and equities) earning dividends. I have some in SME lending.  Earn some royalties from my game too (hehe). And my retirement goal is to have a base big enough to give me enough dividends for daily living.

I’m just doing crypto out of curiosity.
« Last Edit: January 17, 2018, 11:47:51 PM by jomni »

Offline Windigo

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Re: Bitcoin Mining
« Reply #35 on: January 17, 2018, 11:45:37 PM »
Excellent advice. No buts. Crypto currencies are highly volatile. If you are a conservative investor who doesn’t like 20% daily price swings or doesn’t want to research alt-coins... then this is not your kind of action.

Here’s a relatively safe bet crypto tip for you though. Monaco. They have teamed up with visa (yes the credit card company) and offer a credit card you pay for with the Monaco crypto currency.
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Offline CptHowdy

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Re: Bitcoin Mining
« Reply #36 on: January 18, 2018, 12:03:14 AM »
can you POS more than one currency at a time? any exchanges recommended? do you need any certain amount in your wallet to begin? can you POS monaco? their website shows a timeline thats says full pos and masternodes in 2019. ive downloaded the wallet for monaco and now have 3 applications. ive run all three but it appears that nothing has happened!! any thoughts on myetherwallet? thanks.
« Last Edit: January 18, 2018, 01:13:59 AM by CptHowdy »

Offline Windigo

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Re: Bitcoin Mining
« Reply #37 on: February 02, 2018, 12:40:03 PM »
Yes you can PoS more than one currency. The best three are
1. BeanCash BEAN (aka BitBean BITB at Bittrex exchange)
2. Syndicate SYNX
3. Condensate RAIN

Yes I follow this guy.

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Offline Windigo

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Re: Bitcoin Mining
« Reply #38 on: February 02, 2018, 12:41:08 PM »
I use Bittrex as my exchange... just because it seemed the most legit.
No minimums.
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My wife insists that it says dyslexia but what does she know.

Offline Gusington

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Re: Bitcoin Mining
« Reply #39 on: February 02, 2018, 12:43:36 PM »
Looks like the party may be over, JP Morgan.
"I have to say, it sure does look like somewhere I would really, really like.  Except for the cold of course.  But, I'll bet I could adapt to that. ”

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Offline Windigo

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Re: Bitcoin Mining
« Reply #40 on: February 02, 2018, 12:47:06 PM »
can you POS more than one currency at a time? any exchanges recommended? do you need any certain amount in your wallet to begin? can you POS monaco? their website shows a timeline thats says full pos and masternodes in 2019. ive downloaded the wallet for monaco and now have 3 applications. ive run all three but it appears that nothing has happened!! any thoughts on myetherwallet? thanks.

Their wallet/POS is not active yet.

BITB is a good starter for POS. Safe and its been around for a few years... little drama in the community.
If your thinking of getting in, now is a good time. The whole crypto market has taken a good shit-kicking in January and the prices are way down. Today the market is just starting to go up across the board.
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My wife insists that it says dyslexia but what does she know.

Offline Windigo

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Re: Bitcoin Mining
« Reply #41 on: February 02, 2018, 12:51:33 PM »
Looks like the party may be over, JP Morgan.

Hell no, it's barely just begun.
My doctor wrote me a prescription for daily sex.

My wife insists that it says dyslexia but what does she know.

Offline Gusington

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Re: Bitcoin Mining
« Reply #42 on: February 02, 2018, 12:53:05 PM »
Diversify with some covfefe.
"I have to say, it sure does look like somewhere I would really, really like.  Except for the cold of course.  But, I'll bet I could adapt to that. ”

- Toonces, The Arctic Wonder Commander

Offline Barthheart

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Re: Bitcoin Mining
« Reply #43 on: February 02, 2018, 12:57:33 PM »
Doesn't that cause cancer?
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Offline Windigo

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Re: Bitcoin Mining
« Reply #44 on: February 02, 2018, 01:18:03 PM »
Doesn't that cause cancer?
Only if taken like an enema
My doctor wrote me a prescription for daily sex.

My wife insists that it says dyslexia but what does she know.