Don't know if it's worth it anymore....


#1

Well I was enjoying crypto till I got wiped out by a rapid succession of GAW and Scrypt.CC spent the last bit of dust I had getting 20 tickets for the lucky has thing on hashnest (turns out I don’t have that much luck). So that’s me buggered, nothing left but 10 GHX and that’s the next thing to useless.

I’m starting to hate everything crypto… =/ Is there any way to restore faith?


#2

You know your way around the crypto industry by now, you knoe the pitfalls & traps, it’s useful knowledge, if you can find some way to monetise it.

What about infrastructure in your area? Not sure where you are based, but is there a deal you could cut to bring bitcoin to where you are, to own & build a piece of the network?

There’s a number of ways to make small passive income by hosting third party services on a website which, if you were able to draw in visitors you might be able to profit from.

Mining sucks right now, no doubt about it, but if you’re creative you might find a niche that needs filling :slight_smile:


#3

Just take a break. The situation may be way different in 5 months, block halving, more efficient miners etc.

Good action going on with Ether right now. Kicking myself for not buying in earlier but everytime I tried to read up and try to get my head around the concept I got a headache. Which worries me. I think Ether may be just too damn complicated for the average guy (me.) Doesn’t mean I can not trade it though.

Any expert opinions on whether Ether really has legs or is just one more pump and dump?


#4

Its not just that. They’ve had several people attempt to write guides for it all and they still fall short on how to help an average miner do a lot of the commands. I set a wallet myself, pushed it to mine, watched it mine. Yet couldn’t get the proper command (in Windows) to check my balance. A lot of the commands apparently have to use java scripts to talk to it. No one’s come out with easy solutions for it.

It will over most if not most of the alts. Why do I have this bold opinion?
Because of the Microsoft partnership they have, along with active development from MS and the dev team.
That’s what will be pushing it this year.
Litecoin and Doge haven’t produced anything in the last years really and those were 2nd-3rd placers for a long time.
We’re going to see a rotation of alt placements this year in my opinion.
We can still pump and dump it though :wink:


#5

Thanks, good advice. I think it is worth diversifying into Ether so will watch the chart for a pullback before buying more.


#6

Depends on what you would like to do with crypto. Making easy/quick money is probably not happening anymore, in fact that was over in 2013 or 2012 although we did have a good run in 2015.

You can still do other stuff with it though. Support it by using it, or build the infrastructure, or whatever your skills allow you to contribute.


#7

Me too… I can’t figure out anything about Ethereum I have tried and tried. The more I try the more I get frustrated and pissed. So I’m out on having a wallet or mining it. lol

[quote=“Aethercollector, post:4, topic:6156”]
Because of the Microsoft partnership they have, along with active development from MS and the dev team.
[/quote] Or it could possibly do what MS does best. fu@k it up good![quote=“Aethercollector, post:4, topic:6156”]
Litecoin and Doge haven’t produced anything in the last years really and those were 2nd-3rd placers for a long time
[/quote] From the mining side I AGREE, from a trading side HUGE HUGE profits in both coins over the last year. The most recent Doge coin jump brought in some serious coin n a very short period of time. As did the LTC jump months back.


#8

I feel your pain. Ethereum is too damn complicated but I can pass on what I have learned. If I had started earlier I would have been able to get in before the latest price rise.

To get started download the official wallet at https://github.com/ethereum/mist/releases/ you want Wallet 0.3.9 (Beta 6)

After you install and let sync you need to setup an account, protect it with a password. This account will show up in the GUI as “Etherbase”. You can receive and send Ether from Etherbase, as far as I have learned you do not need to set up a wallet contract. Still learning about what can be done with wallet contracts.

Once you have an Etherbase click on it to enlarge and you will see your receiving address. Click on the button on the right called “Deposit using Bitcoin” and a Shapeshift popup will appear letting you send bitcoin to Shapeshift and they will send Ether to your Etherbase address. When I did a test transaction the conversion from bitcoin to Ether was immediate but it took a while for the Ether to show up in Etherbase.

Today I wanted to make sure I could use Shapeshift to convert Ether back to bitcoin so I did a test transaction using Shapeshift. You do get a warning from Shapeshift that it will take three hours for the transaction to confirm … still waiting.

Here is the warning from ShapeShift:

WARNING: Ether is currently in its “Frontier” phase, which is highly experimental. Ether transactions (on both ShapeShift and other exchanges) will take 3 hours to confirm (and your exchange rate isnt determined until that confirmation happens) The only exception is if you use our “specific amount” feature (in which case we will lock your rate for 10 minutes as long as we receive the ether within those 10 minutes, but it will still take 3 hours to receive your BTC on the other end). Consider Ether highly risky during Frontier – no guarantees are made about anything, whatsoever.

If the test transaction does not confirm I probably will not use ShapeShift to sell Ether, just buy. I will sell on an exhange instead. This is all somewhat of a pain but there is money to be made trading Ether so seems worth the effort.


#9

Shapeshift had some problems today and site was down for a few hours. I just sent some Ether from Etherbase in my Mist Ethereum client to Shapeshift and received bitcoin back in less than two minutes. Very cool. Now that everything works just have to wait for a good entry price to pick up some more Ether:)


#10

Perhaps it’s time to look behind the aspect of “making money”. Bitcoin and the blockchain is much more and the days of making a quick buck are long gone and who knows how long non-industrial scale mining will continue to exist.


#11

For the past 4-5 months, the only way to have made money in Crypto is to have bought BTC and held, got lucky at crypto casinos, or got lucky in trading. That’ll continue to be true until the hashrate spike slows down. It’s not like we haven’t seen this before. 2014 for example was actually worse than what we have now. 2014 hashrate went from 11M, beginning, to about 313M, end of year, all the while BTC value got spanked. 2015 was much better for mining. Maybe things will play out in a similar fashion in 2017.

And do this, keep focused on the positives of Crypto, even if it means not making a buck on it for awhile.
I’d guess safest bet on making a buck with it, would be buy and hold, as I’m speculating an increase based on halving if nothing else.


#12

I am and actually working on two new (blockchain) projects as we speak. Also, not everything is “just” about making a buck. That notion is one of the things wrong in our landscape. Everyone wants free coins and get rich quick… doesn’t work like that but who am I telling…


#13

I’ve been wondering what you’re working on, any hints?!

Hopefully there’s no kind of overlap we’re all unaware of…last thing I want is more competition atm lol :stuck_out_tongue_winking_eye:

Damn right, sure, there’s money to be made, but beyond that…look at the chance for a bit of prestige. We can all already claim a bit of that because we’ve been part of the bitcoin community for as long as we have, in it’s (still relatively) early days.

Personally, I can’t wait for the day when my great grandkid (for reference, my daughters only just a teenager yet, so I’m looking quite far ahead) is sat on my lap and I get to tell them “yeah, I helped make that happen”. Gonna be magic.


#14

Yes,one is a digital asset backed by a commodity the other is a little bigger and if you google “vacant villages of Andalusia” and you think “blockchain” you might get an idea. #PoC.

Personally, I can’t wait for the day when my great grandkid (for reference, my daughters only just a teenager yet, so I’m looking quite far ahead) is sat on my lap and I get to tell them “yeah, I helped make that happen”. Gonna be magic.

Let’s hope it becomes a reality.


#15

I’m going to give writing a guide a whack.


#16

Sounds very interesting,

Let’s make it reality :slight_smile:


#17

Been away on vacation. I’m guessing your going to write a guide to Ethereum mining?
Look up the current guides and see what they miss. Most start out the same way, which isn’t bad, but lacks going into the commands used. I see a lot of requests, myself included, on how to do a couple simple things/commands in Windows setups that usually are just pointed to…

Go to this link it shows all the commands.
Thanks, but I have yet to see someone demo or guide them to show working results.
For example the constant requests of the following.
How do I know I’m mining?
How do I check my wallet balance?
How do I send?

Answer these questions (for Windows + MAC) and your guide will probably start helping a lot of new ETH miners easily and more to the point confidently try mining anyway they can.


#18

Thanks, good ideas I just took down my book on Amazon.com called, “How to Setup a High-Security TOR Laptop for Hacking*, Deep Web Voyaging, and Avoiding Warrantless NSA Spying and Surveillance Using Kali Linux 2.0 + VirtualBox + Whonix + Bridges + Tor.” I took it off sale because it needed updating and because I’m going to change it into a Udemy course and get $20 a sale instead of just $2. It was bringing in a steady $700 a month for four months.