My tiny MINING insider story...
In 2013, I bought my first mining contract for 1 MH/s for about $300.00
How? I sent money to a guy in london, england I had never met, working out of his apartment.
The feeling i had i cannot describe, it was weird, exciting, thrilling, anxious.
He had quit his day job as an IT guy at a bank, to go mine coins full time.
His small Apt. was full of noisy, fast running computers.
He launched what was known as Cloudhashing.
For the first few weeks nothing happened. I thought i was a sucker.
Then a payment, maybe $4 or so, then another, then another.
Soon it was daily, then every 4-6 hours a few months later.
Around the same time I bought a Miner, I had it hooked up and was earning about $14 a day.
So I bought a couple more. I was in hashing heaven, or so i thought.
At some point, China got some massive mining farms online and sort of took over the hashing power. A hash is a essential element to generating transactions in digital realms.
I bought into a site called Mtgox. I have the legal notice from Japan to proove it. I think in time that document will be worth more as a collectible than the deposit i made and lost.
As time moved on it became cost prohibitive and the returns were smaller.
Then an idle period, I call the flat line.
When Price of USD/BTC was stable and flat.
This was unknown to me not going to last and would have been the best accumulation time ever. You should learn from my mistakes and re-read that last sentence. Some of the new coins are the next IBM, Coke, and AAPL of the next 100 years. So for the sake of your offspring don't be as dumb as me and by $400 T-shirts with your coins. ($25 x 16X increase = 400). I have my ethereum t-shirt locked in a vault now. (At least i am not the guy who bought the now BTC:$300,000 pizza .
Then startups started starting up, soon new pop ups were online and place to spend new coins was happening.
After a year and a bit, new hashing models popped up. Some were scams, some were good ideas but run by kids with no idea how to manage growth, a few were good technically and management wise and financially intelligent for both user and company.
I now share some good ideas with you Steemit readers.
Large Mining Farm in China
Is full of these ![ip.bitcointalk-1.jpg]
which are full of 194 of these chips which solve a complex math problem (hashing)
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The process allow us to switch fintech models on the left to move to the right image below, over time.
![screen-shot-2016-03-04-at-42158-pm.png]
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There is alot of work in setting up a mining operation, the operation costs are part of the fees we pay to transact coins.
We just wen't through a democratic revolt where the network of users split the chain when mining fees got too high for some users and business owners. The "Fork" as its known.
It's now a big players game in certain coins, but not all of them. It's stilling inning #1 in a long game. The best is yet to come.
Considering it started like this
Has now evolved to this
Each Miner is helping verify blocks of transactions, that generate a sum that either balances or doesn't, if its good, its added to the ledger of value...if it isn't then it's rejected. Similar to a bank teller verifying a cheque.
The process of adding transactions of value creates links in a financial chain. This chain is in every database in the network everywhere at once. This is like have a bank card that works at every bank in the world at the same time. You are now holding a key to be your own bank everywhere on earth.
The distribution of the network of computers makes up global network that is now greater than all the IT computer power of every bank on earth. Its a matter of time, and the fiat currencies will be less useful and the crypto will be a multiplier of wealth in new ways not though possible and its best part is yet to come.
The interest that used to go to banks, while it now goes to you the user. The 200 Trillion or whatever on the global balance sheets are about to be washed out of the fiat ledgers, the "T" shaped balance sheet with the debit (left) and credit (right) are going to have to re-balance back to every citizen on earth.
We may not have banks and governments in the 2030 time frame the way we do now. We may have a whole new digital world view, where people are their own kings, their own banks, and master of their own life liberty and identity. As long as the generation of brains keep the technology honest and diabolical brains are kept at bay.
So now we wait for adoption, which will happen 6X faster than the internet adoption. By 2022, we will see a new economy of digital commerce that dwarfs any previous thing humans alive have ever seen. Minting new fortunes in the internet of things that hopefully will invert technology to serve us, rather than us serve it.
is associated with
This is fuel for the next economy, a digital economy called the IOT, its bigger than you can imagine. Fridges and appliances are going to help mine coins by 2022. So will car parts, building elevators, anything with a copper or fiber optic connection.
If you don't have skill or time to mine do you can just join a decent existing operation online. Like these guys.
Use my genesis discount code at checkout, UTZiym and save 3% on your order.
To start mining many coins by opening a Blockchain wallet, learn what a public address is, study the private key mistakes you don't want to make, how to protect keys and safe storage methods. Then visit an ATM, or a meetup to get some coin. Or Buy the contracts offered online only after doing research and risk assessment. Now get started.
You can sent your mined coins to others, save them or loan them and earn off the coins you already have. This gets a bit technical but after some economics 101 and chart planning you will be great.
Soon Jamaica will have an exchange similar to NYSE,
![pasted image 0.png]
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You can leverage coins in Hong Kong from your beach chair or couch.
![download (8).png]
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Russia, Africa, Brazil... will all be open for new business. Its going to be weird, fun, fast.
You can own coins that are platforms for trading coins
You can own Bank cards that spend Euros yet debit you in Crypto! Tap and Pay the Bitcoin or Dash way is here now.
You can support value propositions that enable instant payments that are settlements at exact same time
You can tip with inexpensive coins from your phone
You can trade with Asia in a blink of an eye without fear of some 3rd party getting in the way
![What-is-Cryptoeconomics-The-Ultimate-Beginners-Guide.png]
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The world of banking wont ever be the same. In years, the 0.005% of users today will grow to 3%, that is the tipping point. Somewhere in the early 2020's we have a scale of users that make crypto viable for new layers, thats the new world.
You can know that math geniuses are piling in to solve big problems when it scales
You can create trade tokens on your own
Share them with friends
YOu
or
or
upload
![download (3).jpg]
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Make it harder to find ![L-Night-Vision-March-2013.jpg]
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Use a offline wallet
Now you have much to read.
Avoid theft
Join a Meetup to learn more
Start your own pool of people to share tips and knowledge
Find Public companies who are building infrastructure in this space
Learn how to earn coins by referalls on products you have tried and love
Enjoy the humor of the communities that are crazier than you
Travel the world and spend and learn from others.
![download (5).jpg] Read lots,
share what you learn,
grow into who you are becoming, a crypto creator. (
Hope you benefit greatly in the new +positive world.
Note: If I made errors in blockchain perception please share your point of view, but be respectful. I'm not immune to criticism but you can bring up points without verbal attacks and remember your words are more powerful than you know, for they create reality in your world and mine. Careful what you think, comment and say and lets help build a better world. We can.