Cryptocurrencies

Jeff Cornick · January 8, 2018 11:18PM

We have any fans people that are investing in cryptocurrencies?

I'd be interested to see what others read, softwares used, etc.

Attila Matyas · January 11, 2018 2:53PM

Guy I work with runs a miner in his basement for ethereum. Basic mobo with 6 Radeon RX480 cards on EthOS from a USB stick.

Basically one of these:

https://video.vice.com/en_us/video/motherboard-how-to-build-an-ethereum-mining-rig/594d45dff2295274693adb76

At current exchange rates minus power consumption he's still pullling around $800-$1000 a month. His legacy mined coins from bitcoin and ethereum with the recent uptick in rates have given him serious returns. His wive is "really" urging him to just pull the cash out but he's all in and is a believer. Though he does pull cash out here and there for various home projects and a new car for his wife.

He moves coins around using shapeshift.io and has started investing in ripple and cardano.

In addition to the miner he keeps coins at coinbase and kraken though kraken is a piece of junk and is so delayed it never seems to work. He also has offline cold wallet storage for some stuff and backs up religously.

As you can tell he's all in so if you need more specific info. just shoot me a DM. I talk to him about it all the time as I find it fascinating but I'm not ready to cash in my 401k for bitcoin...just yet.

Some sites to read:

https://www.ccn.com/

https://www.youtube.com/user/obham001

https://coinmarketcap.com/

Daniel Jeffries – Hacker Noon

WhatToMine - Crypto coins mining profit calculator compared to Ethereum

Good luck and no matter what you do only invest what you are ready to lose... don't be these people

https://www.cnbc.com/2017/12/11/people-are-taking-out-mortgages-to-buy-bitcoin-says-joseph-borg.html

Paul Hough · January 11, 2018 4:58PM

@Attila Matyas - sounds like your friend knows what he doing. I'm too close to the end of my career to speculate in these currencies. And I do believe that Bitcoin will eventually implode because it will never operate as a currency. Meanwhile, it all reminds me of the Tulip bubble that crashed in 1637. Bitcoin is today's tulip.
https://www.investopedia.com/terms/d/dutch_tulip_bulb_market_bubble.asp

Attila Matyas · January 11, 2018 5:22PM

@Paul Hough I agree that's why either mine it if you're ok paying the electrical bill and spending ridiculous dollars on GPUs that used to cost $250 and now go for $800 or only invest what you are willing to lose. My budy has been playing around for years as a hobby slowly built his rig and it just sits there and runs. Compare that to someone that just wants to jump in right now and spends 4-5 grand building a rig. With the blockchain always getting longer mining will just get harder and harder and the ROI on a $5 rig is getting further and further out each day.

I feel for the folks that just jump in withtout spending a solid week just reading and getting educated. You can very quickly go down the rabbit hole of derivatives in crypto outside of the main players because the pull that you may find the next bitcoin and lose your shirt like this nonsense....

http://www.businessinsider.com/dogecoin-cryptocurrency-has-market-cap-above-2-billion-2018-1

and this

https://lifehacker.com/why-kodaks-bitcoin-scheme-is-a-scam-you-should-avoid-1821957658

and the Pièce de résistance at least this month is this insanity:

https://www.fastcodesign.com/90155799/bitcoin-fever-turned-me-into-a-cat-pimp

Paul Hough · January 11, 2018 7:05PM

@Attila Matyas - crypto kitties! I would be shocked at the sheer inanity of the investment if I hadn't seen people pay $100s for some variant of a Beanie Baby back during that craze. In the end, it was just a small $4 stuffed animal. Until you can buy a hot dog with a crypto currency with an easy transaction these aren't going anywhere. I don't know if it's true but I heard that to pay in Bitcoin costs the buyer something like $50 and the receiver around $30. The transaction expense are off the charts not to mention that Bitcoins can be lost and or hacked. I'm just sitting back in amusement at the whole thing.

scott dinhofer · January 12, 2018 10:07AM

this is just another tulip craze... but I believe that the Chinese are working on Ironcash

Scott Alexander · January 12, 2018 2:22PM

Scott Dinhofer said:

this is just another tulip craze... but I believe that the Chinese are working on Ironcash

As in Wanda Holdings (the owners of WTC)? haha

Attila Matyas · January 17, 2018 1:05AM

Let the bloodbath commence...

Image: https://us.v-cdn.net/6029573/uploads/editor/i0/kkkp53nk7wp8.png

Brian Quarton · January 18, 2018 10:11PM

"Bitcoin isn't the bubble. It's the pin."
-Quote I heard

Paul Hough · January 18, 2018 10:33PM

If the price falls back under $10K then the real sale-off will begin.

Jeff Cornick · February 1, 2018 2:27PM

Paul Hough said:

If the price falls back under $10K then the real sale-off will begin.

You got your sub $10k!

Paul Hough · February 1, 2018 2:51PM

http://bgr.com/2018/02/01/bitcoin-price-today-usd-chart-crash-india-tether-worries/

Bill Bejin · February 1, 2018 7:06PM

People are now also figuring out that they have to pay short term / long term capital gains on all that as well. For some, this will be a big shock!

Paul Hough · December 12, 2018 2:19AM

https://endurancenation.vanillacommunities.com/discussion/comment/260673#Comment_260673

And so it goes. Price as of 11 Dec 2018: $3338. From today's Bitcoin Magazine:

Summary:

Bitcoin has dropped 50% in one month.
It continues to test previous support levels but has failed respect the prior levels.
We are currently experiencing a breakout of a massive bear pennant that has a price target of $1700. If the current level fails to hold, the next move would likely be a strong move to the downside as we continue to test deeper and deeper support.

Cryptocurrencies

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Summary: