Welcome to The Cryptocurrency Novice Report for Saturday March 24, 2018.
Before we get started, I would like to invite everyone to check out my son's new series of posts about a documentary he is working on covering the Civil Rights Movement. You can find the first post of the series here: https://steemit.com/travel/@mark.feuerborn/southern-travels-a-documentary-project. Please take a moment to stop by and give him an upvote and leave a comment.
Word to the Wise
In today's Word to the Wise we take a look at another investment site called OkeyDeposit.
OkeyDeposit claims that you can make a lot of money in a very short time by investing with them. How much money and how quickly? Well that all depends how much you are willing to invest. For example, if you invest $35,000 you can make 700% profit, or $245,000 in only one hour.
If you have more money and time, can make even more! By investing $350,000 and waiting 3 days you can make $210,000,000!
Sounds pretty great right? I have devised a clever plan to turn a mere $35 into over $94 Million in only one week using OkeyDeposit. Here's how it works. I make my initial deposit of $35 and after 1 day I have $280.
I then reinvest the $280 and at the end of the second day I now have $2240.
I then reinvest the $2240 and at the end of the fourth day I now have $156,800.
Ok, this is were it get's a little tricky, stay with me. I then reinvest the $156,800 and at the end of only 1 week I now have over $94 Million!
Then it's just a matter of rinse and repeat until you get over a Billion Dollars. Pretty great right? And the best part? The PROFIT IS GUARANTEED! THERE IS NO RISK IN LOSING MONEY!
How awesome is that? They GUARANTEE that if I send them $35 and reinvest that in one week I will have over $94 Million! But don't spread this around, I don't want a bunch of yokels buying up all the luxury yachts before I can buy a few. Granted, that About Us section has some pretty glaring grammatical problems for a company registered in the UK. Almost like it was written by none English speaking people.
Then there is this curious little bit of information. When I scrolled through the history of deposits and payments, I noticed an interesting pattern in the usernames. Every username follows the pattern consonant, vowel, consonant, vowel, consonant, vowel and is between 5 and 8 letters long. Almost as if the usernames on these lists were just randomly generated by a computer instead of created by humans who tend to choose actual words for usernames.
Ok, I've seen enough. OkeyDeposit is an obvious scam. From their fake lists of deposits and payments, the no risk guarantee and the ridiculously high interest rates, everything about this site screams SCAM. Do not send them any money, they cannot turn $35 into $94 Million in just one week. No one can. And if they tell you they can they are lying. Avoid OkeyDeposit at all costs, they are just out to steal your money.
Money For Nothing
Today's free money idea is a trick to mine Neoscrypt coins even if you don't have an expensive GPU available. If you have an Intel CPU in your computer, you have a built in graphics chip that, with the right software, you can use to mine cryptocurrency with while still using the CPU to mine CPU only coins like VeriumReserve. That's right, you can mine two coins at the same time with only one CPU.
First you will need to download an old version of CGMiner compiled for Neoscrypt. You can download CGMiner from Crypto Mining Blog here:
http://cryptomining-blog.com/3715-new-cgminer-3-7-8-with-improved-neoscrypt-performance/
Please note, this software will only work on Neoscrypt coins.
Once you have the software, you will need to find a mining pool for the coin you want to mine and configure a batch file to run the miner with the following line:
cgminer --neoscrypt -o stratum+tcp://us1.gobyte.network:4233 -u YourUsernameOrWallet -p x -I 15
The above line will start the miner on the pool us1.gobyte.network. You will need to provide your own username and password or wallet address based on your chosen pool's requirements. Once the batch file is configured and launched you should see the following screen:
That's it! You're now mining a tiny amount of coins. I should warn you that if your electricity costs are high, the value of the coins you mine may be lower than the cost of the electricity to mine them. But if you have faith in the future of your chosen coin, or you just want to learn a little more about how to mine coins, this is a great way to get started without a large startup investment.
The Report
After a rough couple of days, the cyptocurrency market is recovering some today. Here's how our favorite coins are doing...
Bitcoin is currently trading at $8931, up almost 3% in the last 24 hours and about $1000 higher than this time last week.
Steem is trading at $2.07, up over 6% in the last 24 hours and about $0.25 higher than this time last week. SBD is currently at $2.04, up almost 4% since yesterday afternoon and $0.11 higher than this time last Saturday.
Currently on the Steemit Market, Steem is trading at 1.005 SBD. If the price of SBD continues to trail Steem, expect Steem to get more expensive on the internal market.
The supply of liquid Steem fell by another 50,000 Steem in the last two days. Currently there are about 76.75 million liquid Steem. The amount of liquid Steem continues to slowly fall. As always, that is good news for Steem and Steemit.
Please note: I am not an investment professional. The information I present here is only my opinion. I do not encourage you to invest in any coin I mention, especially those featured in the Money for Nothing section, since most of these are not going to make it and may even be a scam. I only suggest you claim the free airdrops offered, nothing more.
Until next time...
Proud member of 
