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Topic created : 22.05.2017, 14:44

gamerz300
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So after playing this game for over 6 years I've decided to try my hand in crypto trading Very we! I tried mining a few years back with dogecoin but the gpu want strong enough.
 
I've put $40 (with fees) in it as a test, my computer is mining digibyte and musicoin (discontinued for now) to mitigate any loss, my computer consumes about 200 watts max giving about $1-3 profit depending on rates.
 
Currently I'm trading zclassic, reddcoin, digibyte, musicoin, was trading and mining feathercoin but it was lagging my computer, then the market crashed (sold all before).
 
zclassic sadly crashed before I could sell out during the long weekend (got distracted for 30 minutes), it currently has most of the funds hostage. Last night however in 30 seconds worth of work I made 13 cents during reddcoin's still booming trade.
 
I'm using bittrex for trading and tabtrader (android) to keep a eye on things so I don't have to do the 2 step certification (required for so I for the app else it was voluntary) every time I want to check (no coin transfer permissions given), plus it has a cleaner interface for non trading.
 
Currently I'm in the hole by about 8 bucks mostly due to the money being locked into zclassic. Before the crash I have over 50 worth in coins...   

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22.05.2017, 17:25

Last time edited : 23.05.2017, 00:27

XDCD
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Risky but with a few dollars it sounds funSo-so
 
It seems like many of the 'new' coins are just their developers trying to make a quick buck. There are ~830 different currencies according to this website https://coinmarketcap.com/ ...  I roll!
 
Anyway, since a lot of them are extremely volatile it sounds fun to play around with for little.
Are the transaction costs and/or spread on those websites/apps acceptable?
 
Also, it looks like the services you suggest require bitcoins (or other cryptocurrencies) to start with rather than fiat.
Can you recommend any exchange to buy some? 
 

24.05.2017, 09:13

Last time edited : 24.05.2017, 09:14

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Seems like it would be easier to just buy bitcoin. An article yesterday said "If you bought $100 worth of bitcoin on May 22, 2010, you'd be sitting on around $72.9 million today."
http://www.cnbc.com/2017/05/22/bitcoin-price-hits-fresh-record-high-above-2100.html ...  
 

24.05.2017, 16:47

gamerz300
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Bitcoin is going to fail eventually, when it hit 2100 it had a hard time staying there. 
 
I think z currency (like zcash/zcoin) could be a dominant currency, but could/likely will suffer the fate of bitcoins eventual doom or due to low costs could thrive.
 
Musicoin has this to say about renting hashpower:
https://github.com/Musicoin/go-musicoin/wiki/Disclaimer-regarding-GPU-mining ... ,-pool-mining,-and-renting
 
"Many have asked about the potential to rent hashpower in order to more effectively mine this coin. This is confirmed working when using proper settings, however it should be noted that renting hashrate will cause drastic spikes in network difficulty, immediately reducing the total output from not only your own efforts, but the community's efforts entirely. This means that renting hashrate immediately devalues the hashrate you have rented, causing you to lose money and time. We will not be responsible for any loss, monetary or otherwise, that stems from this decision."
This is why investing into bc now is a bad idea, the market will likely crash when ASIC mining fails to pull a profit.
 
Currencies that don't have a limit like musicoin and reddcoin will outlast capped currencies with a strong development team.
https://wiki.reddcoin.com/index.php/Troubleshooting ...
https://bitcointalk.org/index.php?topic=1776113.120 ...
 
The issue with coins that have limited mintage is once you hit the cap (3 years for bc http://www.bitcoinblockhalf.com ... ) hashing (securing, providing currency trades) no longer becomes profitable as no new coins will be released, for ASIC units anyways.
https://bitcoin.stackexchange.com/questions/18103/what-happens-when-the-21-million-cap-is-reached ...
 
The problem with investing in bitcoin at even $5 a unit is if you bough 500,000 worth could you successfully sell all 100,000 units today w/o crashing bc? The answer is no, you'll crash the market, while you'd still make large profits you'd ultimately could cause a chain reaction. A chain reaction that could cause a ripple effect among all limited mintage coins. Market trade in USD is roughly 10,000 bitcoin.
 
Simply put, if Tesla sold most of its stocks what would happen? Next to losing complete control of the company Very we!
 
In 2020 if transaction fees kill bitcoin I can see it dropping off the face of the earth pulling all other currencies with limited mintage with it.
 
Also I keep losing money due to unable to check and sell in time, but thankfully bitcoin keeps going up so I lose maybe a buck lol... reddcoin did a jump and luckily all profit before it dropped... It's fun with limited money but you could make a living off of it too if you're fast/good enough with capital. 
 

List of forums -> Free communication (everything except serious game talk)-> Cryptocurrency trading

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