Anyone got into Consolidated Mining (MN) on Cryptsy?


#1

Anyone invested in that & want to compare notes?
Just made a mini invest mostly because the trendlines… i was buying it low to resell. Yet as i look at it more, it looks good… but… Recently LtcGear Hashie turned sour & super cautious about new invests now. Wondering if i should just trade it… or keep it?

https://www.cryptsy.com/currencies/view/MN


#2

I have not checked it out. But nothing is guaranteed with relation to mining and crypto. IMHO (and take it with a grain of salt) I would say see your small investment through. Some of the worst things to do in life is to 1. Doubt yourself 2. Giving up.


#3

@Bitminertopia I’ve just quickly read over it and it seems to work the same way as LTCgear does share wise. The only concern I would have there “right now” is the drastic drop in mining profitability and Bitcoins dive. SHA is close to being non-profitable for the time being.

Is this a service offered by Cryptsy or how does this work? I don’t use them much since I prefer Bittrex so I wonder if this is like a listing by someone or backed by Cryptsy.


#4

The shocking part was i actually left .00000600BTC worth in my wallet by accident, after trading it a few hours that day. &nd got a .00000002BTC payment. That made me curious as to the distribution as i was just trading it. No one else seems to be into it to hold, just in the trading potential. In the meantime the price seems to be consistently going up after the initial frenzy buying was over & it flatlined for 3 weeks… tempting & so far i am just buying it with the BTC i get from my Cryptsy points… so it doesnt effect my ‘real’ numbers.


#5

You can buy it directly on the Cryptsy exchange & they pay you directly to your Cryptsy account. So i am assuming they got voted into the exchange by customers or they qualified somehow to be varified by Cryptsy directly. I noticed it because i trade there & the trendline over the last week was too good to resist… anything you can make 10% in just with a buy & sell is to good to pass up in my book. The payments i am looking at as just a bonus for holding their ‘shares’. I only hold when a price goes down… yet they pay me. So if i dont sell daily to get my profit… i get a payment every day consistently.

Also where BTC keeps going down, the original reason i left this & others ‘as is’ was a hedge against the drop…over night i can safely exchange my BTC for coins trending upward & instead of losing value due to the inflation of BTC i instead increase the total amount of my BTC when i exchange these coins back into BTC… relitively beating the current BTC inflation problem. :sunny:


#6

I see so it’s a 3rd party. Well, their power isn’t that massive so I guess the risk vs return is rather small in case their shares go obsolete. I never knew Cryptsy was offering this kind of service it’s interesting and similar to what we have in mind for what we call “the inventory system” (working title) for the GH cloud.

[quote=“Bitminertopia, post:5, topic:151”]
Also where BTC keeps going down, the original reason i left this & others ‘as is’ was a hedge against the drop…over night i can safely exchange my BTC for coins trending upward & instead of losing value due to the inflation of BTC i instead increase the total amount of my BTC when i exchange these coins back into BTC… relitively beating the current BTC inflation problem.[/quote]

Very smart :panda_face:

My current strategy is pretty much holding and looking around what to do next. The last 3 weeks have been rather rough in crypto and I didn’t expect so many folds combined with such a dip in BTC. Diversify my a… lol

Need to focus again and make a plan.


#7

I think the constant inflation of BTC has most people in a downward spiral. Turning BTC into other things that hold their value or increase was my first & most basic response. Lemons into lemonade… and lemonade into a tasty cocktail. :tropical_drink:
Short of buying a service with it, a commodity, or a product i needed… its trying to find a solid investment that is proving hard. & i understand very well payouts are less when BTC is valued less. Yet if it is a mining operation, and they are mining BTC directly… then just pay in the BTC? To each their own what they do with it. Mining ops who dont mine BTC are the ones in the crunch…as they have to buy their BTC…but again if it is low it should cost them less to pay out. That is why i do believe some companies are just using this as an excuse to cut their customers out… as some other companies are still paying out & consistantly. Those that are doing it right & have a solid understanding of the Cryptoverse are slow but steady… that is why consistency is the key i am looking for in any investment i currently make. :wink:


#8

[quote=“Bitminertopia, post:7, topic:151”]
Yet if it is a mining operation, and they are mining BTC directly… then just pay in the BTC? To each their own what they do with it. Mining ops who dont mine BTC are the ones in the crunch…as they have to buy their BTC…but again if it is low it should cost them less to pay out. That is why i do believe some companies are just using this as an excuse to cut their customers out… as some other companies are still paying out & consistantly.[/quote]

I do believe some companies are in fact using it as an excuse to skim off the top even after they sold the hash power already or despite charging maintenance fees. It’s few though since you can always compare the average with other companies or even directly by comparing with other pools and their payouts. Specially if you’re mining SHA since the payouts shouldn’t differ much between the providers when you break it down.

The thing with SHA256 mining is that the profitability can just bounce like crazy. You might be getting $2.50 one day and the next day it drops down to $0.90 or less if BTC decides to go on a dive or if difficulty just spikes. The current dive is a great example since the network lost over 20% of it’s hashrate in just 2 days with home miners and (I think) even some larger farms taking their rigs offline because it’s not profitable. Looking at Coinwarz today made me sick.

This puts the provider into a difficult spot if they sold their product with a fixed maintenance fee which might be calculated to leave very little room for adjustment.

That’s why I think the way to go as provider would be to buy batches of hashpower in bulk on mid-term contracts 3-6 months and then price the power from there to the customers for the entire period of the time the agreement runs. If a new batch or block is added to the overall hashpower that block is priced again and might cost a bit more or less per GH and so on.That way the customer would always know his fixed price for X months to come, purchase his shares and hash on. If he thinks the current batch is not profitable enough to buy some shares in it, skip and wait for the next.

That’s what I would do anyway.

That’s pretty much it yes. I was never someone who needs the fastest return on his investment. I like having a couple of sources that are perhaps smaller in their return but in exchange consistent. :+1:

I’ll check them out again in the morning. thanks for sharing!


#9

Wow…Doge bad dog! -3.47…no wonder the Doge ppl on Reddit are in such bad moods.

This is similar to what i was thinking…as some of the numbers just didnt add up…even with difficulty & BTC being down. Maintenance fees are tricky & do vary but most do charge enough to cover more then enough of costs… the inconsistencies cant due to that alone & a drop in BTC while not closely predicted has to be accounted for in any decent business plan. Transparency is needed when these companies are ‘in trouble’ instead of just up & folding. Most people understand crypto is volatile & most would rather wait it out then lose everything over small gains… or even no gains. Its like you pay into a company & the money all disappears the moment BTC goes down? I dont think so… some just use it as an excuse to disappear with the money.
In the meantime all of us have to diversify to stay afloat…yet they are only mining one thing? I think LtcGear was partly sucessfull because it was involved in more then one crypto…they were onto something there, just think they were not as business savvy as they were tech savvy or their ‘to good to be true’ payments would have been lower & they would have been putting some of that mining back for days like this. :wink:

[quote=“cyberdexter, post:8, topic:151”]
That’s why I think the way to go as provider would be to buy batches of hashpower in bulk on mid-term contracts 3-6 months and then price the power from there to the customers for the entire period of the time the agreement runs. If a new batch or block is added to the overall hashpower that block is priced again and might cost a bit more or less per GH and so on.That way the customer would always know his fixed price for X months to come, purchase his shares and hash on. If he thinks the current batch is not profitable enough to buy some shares in it, skip and wait for the next
[/quote] < I like that! You add in a variety of mining choice, some lucrative short term mining terms… & i would give it a perfect 10. For a good consistent provider i am willing to reinvest as i understand the problem of difficulty… i would just put my undervalued BTC payments into an undervalued coin to arbitrage all the way to the top… then trade that for another undervalued… wash repeat. :sweat_smile:

& i am still doing my research on this company before i go in heavy. The payments are not that high but in a time of folding they are actually still preforming. That seems to be quite a feat as so many others are folding. Investing my ‘extra’ Cryptsy points into it & keeping a steady eye on the daily BTC exchange rate it is holding value. Not looking to get rich…just want a place to put my BTC till this inflation period is over. :rainbow:


#10

I actually have some and it brings in a small stipend for me daily. I usually get a deposit around 7-8 PM EST. Basically a cloud mining type of deal but share based. I have 7 “shares” of it. I use the BTC it generates to buy other coins. Not bad really


#11

I got in early and have not follow up on it. i get my daily dose of BTC that’s it. I got about 103 MN


#12

Thats not from the share. You really need to posses the share at the time of the payout. The amount you got is a distribution of all the fees well 2% of the fees check their blog they created that payment program a few months ago. Updates to Cryptsy Points Program and New Balance Rebates


#13

Good to know about the Cryptsy points…will have to reevaluate how i use them. I hardly ever keep them, just use them to get BTC & because BTC is so low i put them into an undervalued coin & keep it there till it peaks. Which is how i originally got the MN.

The ‘MN’ is a separate deposit though & comes in about 17:00 EST. I do like the idea of being paid directly on Cryptsy… beats sweeping accounts & waiting on deposits to confirm.
I can check my personal distribution there. v <cuts down on daily math.


#14

Yeah I know I think I paid 1.8BTC for the 103 well I had more of the MN1 and 10 of the MN2 but they consolidated them Can’t seems to find exactly what I pad for them though. When they consolidated they did not bring in the old orders.


#15

Thats what i was thinking… havent heard anything bad about them & need a place to stash my BTC till it stops going down in value. If you dont mind me asking, is the daily BTC generated making up for price of BTC going down? Thats all i am basicly looking for. :blush:


#16

Nope. When the diff goes down and they get more blocks it could go up but no relation to USD. I would not consider this as a good place to stash BTC the value of these share has gone down considerably already. it’s like cex you don’t want to use that to stash BTC either.


#17

What Daffy said! LOL. I am by no means using it to store BTC. Just a means to keep the BTC coming in so I can get other coins. Currently dabbling in NXT. I love the client. Has a built-in asset exchange, marketplace, messaging. Lots of promise and it’s Proof Of Stake.


#18

IDK so far all i have done is gained by buying & selling…but have only been doing so since it started trending up last week. Not expecting it to go back to .0039 esp as it leveled out around .0024 for like 3 straight weeks. But it is up to .0030 & that is even after it recovered from a drop on the 12th. I am just not sure about holding it…as i make a lot more just day trading it at its high & low.


#19

This thread is really good. I need to start it and get back to it for more ideas :slight_smile:


#20

Yes the only way to get ahead with MN shares is trading. LOL I remember my first discussion with @rootdude in the cryptsy trollbox we where opposite in this. He always said it was stupid to buy those shares for mining because they would not make anything in ROI and I said think trading not mining. Good times.