So this is the update from previous post . I know at this point I do not have may followers and I hope I can address those of you who like me know precious few tid bits of info about crypto mining. I can reveal what I have learned in the past few weeks .
- I wish I had done this in January last of 2017 as the first tidal wave is already riding high.
- Becareful of CPU mining if you are mining coins that seem easy . They may be worthless Like monteverde coin. Yes you can still mine it on Minergate.com but good luck selling it. Really not worth your time. I have had some learning luck on BCN. it mines rather quickly on my laptop at 20 H/s x 3 laptops aka I get about 100 BCN per day. What this translates to is pretty close to nothing. But this is a learning experiment.
- There is still some talk out on the internet that BCN was a fiat type coin aka had value and now is only worthless or valuable when the whales pump it up. and then dump it .
So as a new person I will define the terms.
Whale= please chime in if I am wrong. ( also understand I am a nurse not an IT person so I do want to learn and understand I may have some of this wrong and want to be politely corrected) thats how we all learn. I am just willing to ask the questions and make a few mistakes along the way with the hopes that eventually Ill make a little cash. and its kind of fun.
back to Whale a whale or whales as they are usually plural, these are the groups of people dominating the chant boxes in the crypto currencies exchanges that DO know what they are doing enough to manipulate the coin values via buying and selling huge amounts of coins and then dumping them at a pre ordained time. If you are not sitting there watching and dont sell at the minute they start to dump you could get left holding a whole lot of nothing until the next time they pump ( another term) another coin.
Pumping up a coin= this is when the aforementioned group decides to buy a coin to inflate its perceived value. Then the little fish like us ( myself included spot an trend and try to buy low and ride the tide until it turns.
it is not too far off from what was going on in the stock market back in the 1920's and similar to how todays " daytraders" of the stock market" make money.
- ( am I on 4 already? -) Cryptocurrency is not regulated. So this is all legal. Let me say this again. It is all legal so understand what is going on before you invest thousands. Unless you can afford to lose thousands you should learn with " house cash first"
House cash= House cash is invest a small amount of money and when you turn a tiny profit that profit is considered house cash. If you lose it. Well you haven't fallen below your initial investment so you are not behind. BE MINDFUL OF your initial investment.
- Do your own research and develop your own rules. There is no real school of how this market behaves yet so it is pretty hard to predict. The graph lines on the buys and sells on most trading sites tell you pretty important data which in the beginning will mean nothing to the beginning investor and good luck getting someone outside of a university to teach you about them. You tube is pretty good but is littered with ponzi schemes and buy here stuff. .
My rule of thumb on education online. If you have to buy a book or a how to manual. the author is getting rich on your investment in his knowledge it might be good for you, but it Definitely is good for them. They already got your money.!!! Free is unbiased advice. Like learning from your wise uncle. tips at the family dining table from your cousin. those are tips you can usually take at face value and there is nothing but good intention in them . Like this article. LOL
Ok initial mining tid bits learned.
a. If you think cloud based mining is going to make you rich.??? Well it could emphasis on COULD. Genesis Mining seems to be the most straight forward company with no bad yelp comments. I have purchased some contracts that do earn coin. . Here is the BUT
BUT If you do not purchase sufficient hashpower, your payout will be so small that it gets put into an account with your digital name on it to be paid out at some point when the amount totals. an amount large enough to payout. In other words. Like my Ether contract gets payouts each day right on time. and they tell me every day what it was. However until it totals 0.05 ETH it goes into a ETH digital bucket and they currently do not have a place for you to see the accumulation of the coins not yet payable. I have a small contract invested 49 or so dollars in and it gets me 0.00035007 approx . per day in ETH you can do the math on how many days it will take to equal 0.05 ? about 143 or so, maybe some days I get more some less. I had similar results with my ZcASH Contract which at the time was cheaper or bought more power or hash power so now it pays out the right amount each day to my poloniex wallex account which I can then see it accumulate and either save or trade there for Bitcoin and then trade again for other coins. and so forth.
They currently do not have any bitcoin contracts, however you can chose to have all your payouts be in bitcoin conversion or ETH or ZCASH and so forth. Their contracts do not have a daily charge like some cloud mining places like minergate.com and a few others. And their site is EXTREMELY EASY to decipher for the new person in the coin mining industry looking to muck about without losing ones shirt.
They do take a little time to respond to emails but they do respond. No Telephone support to speak of . Maybe if you are in Iceland. but email is better than on the phone anyhow as it is written proof of what is said so there is no misunderstanding.
Tid bit of wisdom #2
Listen to what people say not what you want to hear.
If you want to learn how to mine a little at a time I do reccomend downloading minergate to use on your kids computer if it has a graphics card. I even use two laptops that I always leave on anyways. I dont expect them to make me rich. I expect them to slowly teach me about the market.
If you use your kids computer make sure the GPU or graphics card dos not GET HOT> AKA keep the entire system in a cool room or take off a panel so the card can breath and if it allows 4 cores aka GPU 4 initially use 1 then 2 then 3 etc. See my screen shot below
So to date I think when you can make money even if its pennies from nothing then its worth it. Pennies eventually add up and even on Poloniex there is a place you can loan out your coins in certain coins to those who margin trade. which is a zero risk 100% profit area. You loan the coins and their system is designed to cash them out and make you financially whole if they start to lose money on your loan aka it holds the coins you loan them as escrow on their loan. If they make bad decisions. you get paid back before they go belly up.
If you have a great internet following, I do recommend the affiliate programs. apparently some people are making quite a bit of money there in cryptocurrency. I even have a code that will save you 3% on genesis contract if you open a cloud account. not sure if you can re use it for a repeat discount but there are many you can google for. The highest I have ever got was a 3% discount but it still is a discount off list price on the mining contracts. My code is HWeZPL or you can click on the banner at the top. ( I believe.) if it doesn't work after your first purchase use GOOGLE to find another affiliate we are all out there. When you sign up I think we get free hash power aka more " House cash" it is similar to compound interest.
I know this post is long and I am sorry but there will be more updates as they arrive. Peace out. to all.
Ruthi if you have any questions feel free to ask. if I am wrong about the info please correct. If you are only going to trash talk. save it for the next guy. I am only trying to help people get interested in the newest area of currency.
