World of crypto

[BucksRam]

15 minutes ago, Maestro said:

I've never had any kind of disposable income in my life until this year. I've probably put in around £400 so far and I'm about 50% up so far. This will probably be 200% by the end of the year and who knows at the end of the year after that. It's all about DCA (Dollar Cost Averaging) and buying during the bear markets; as long as you are buying in dips, you're never going to lose out if you decide to sell later.

Yeah, for me it is all about disposable income - I can chuck the odd £50 here or there but aren't really in a position to potentially throw anything more at it. 

[NottsRam77]

41 minutes ago, Maestro said:

Got into Crypto at the start of this year by buying some Ripple just before the dump. I've since grown my portfolio to Cardano, Ethereum, Binance coin, Bitcoin, Zilliqa and Ripple. It is pretty much my savings account this moment in time and was going amazingly during the bull run. Now we are in a bit of a bear market so things aren't going the way they were. I've also mined about $250 worth of Ethereum in a month which was a nice little pump for my holdings as well.

Edit: missing a word.

We need to talk re the mining 

desperately trying to get into this 

Messed about with a program called unmineable and another called vertcoin miner 

with some effect ish … although still waiting to hit the payment threshold 

I’m guessing it’s cos I’m running On just a rx 570 4gb 

unmineabke seems to keep dropping out for some reason

Have seen things like meta mask etc etc 

but any help or pointers for a fellow ram would be insanely appreciated 

Desperate for some free (less electricity) crypto 

Edited June 9, 2021 by NottsRam77

[Maestro]

9 minutes ago, NottsRam77 said:

We need to talk re the mining 

desperately trying to get into this 

Messed about with a program called unmineable and another called vertcoin miner 

with some effect ish … although still waiting to hit the payment threshold 

I’m guessing it’s cos I’m running On just a rx 570 4gb 

unmineabke seems to keep dropping out for some reason

Have seen things like meta mask etc etc 

but any help or pointers for a fellow ram would be insanely appreciated 

Desperate for some free (less electricity) crypto 

You can use whattomine.com which will give you approximate MH/s for your graphics card. I have a 5700xt and the website was very accurate in calculating that I would get ~50MH/s which is what I ended up getting. From what I've seen, there are different mining programs that are graphics card dependent. Due to me having a 5700xt, I use a program called teamredminer which was surprisingly easy to set up. With Ethereum, your returns are dependent on how high gas fees are. For a couple of days I went from getting $5-6 per day to $15. Now that it is summer, I've calmed down on my mining seeing as my GPU was hitting +90c.

From what I can tell, when ETH2.0 comes out, mining on a GPU will be pointless, and the same would be for Bitcoin too as the algorithms are getting harder to crack. There is transition now to mining on dedicated ASICs and tbh, if you had a spare $5-10k lying around, you can get an ASIC miner which is capable of between 84 and 110 TH/s.

[Maestro]

22 minutes ago, BucksRam said:

Yeah, for me it is all about disposable income - I can chuck the odd £50 here or there but aren't really in a position to potentially throw anything more at it. 

That's pretty much what I have been doing. £50 each month if I know I am going to be able to afford and if it is looking bearish.

I've got friends who will chuck a grand at Dogecoin when it was at a crazy low price and cashed out when it got to 60c per coin. Obviously I'm slightly envious of their ability to do that but I'm safe in knowing I am being responsible with my limits and know that I am getting more in my Crypto wallet than I would if it was in my savings account getting 0.01% gross interest per annum.

[Maestro]

I'm sure a lot of people have seen/heard horror stories of Crypto but one of my former colleagues was big in to BTC before it was relatively mainstream. He told me he sold his BTC to pay for a holiday and a brand new Ford Fiesta all in cash. Before the market equalised, the BTC he sold would have been worth £900k. That's one expensive Ford Fiesta...

Edited June 9, 2021 by Maestro

[NottsRam77]

7 minutes ago, Maestro said:

That's pretty much what I have been doing. £50 each month if I know I am going to be able to afford and if it is looking bearish.

I've got friends who will chuck a grand at Dogecoin when it was at a crazy low price and cashed out when it got to 60c per coin. Obviously I'm slightly envious of their ability to do that but I'm safe in knowing I am being responsible with my limits and know that I am getting more in my Crypto wallet than I would if it was in my savings account getting 0.01% gross interest per annum.

Ditto 

[NottsRam77]

8 minutes ago, Maestro said:

That's pretty much what I have been doing. £50 each month if I know I am going to be able to afford and if it is looking bearish.

I've got friends who will chuck a grand at Dogecoin when it was at a crazy low price and cashed out when it got to 60c per coin. Obviously I'm slightly envious of their ability to do that but I'm safe in knowing I am being responsible with my limits and know that I am getting more in my Crypto wallet than I would if it was in my savings account getting 0.01% gross interest per annum.

Now dodgcoin is something I wouldn’t touch with a 10ft barge pole 

total ponzi with no fundamental use case 

[NottsRam77]

SwissBorg, nexo and co offer interest rates that are too good to ignore 

8% on my gbp … or 0.01 on my post office savings account 

No brainer

[Maestro]

1 minute ago, NottsRam77 said:

Now dodgcoin is something I wouldn’t touch with a 10ft barge pole 

total ponzi with no fundamental use case 

Not sure how true it is, it's something I read on Reddit, but if everyone in the world had access to Dogecoin, in it's current state, a person would have to wait 6 years in order to process a single transaction due to how slow the underpinning technology and network is for Dogecoin. It was conceived as a memecoin and for some reason, people are bowing to the self proclaimed Crypto memelord Elon Musk in thinking it is the future. Idiots.

[NottsRam77]

19 minutes ago, Maestro said:

You can use whattomine.com which will give you approximate MH/s for your graphics card. I have a 5700xt and the website was very accurate in calculating that I would get ~50MH/s which is what I ended up getting. From what I've seen, there are different mining programs that are graphics card dependent. Due to me having a 5700xt, I use a program called teamredminer which was surprisingly easy to set up. With Ethereum, your returns are dependent on how high gas fees are. For a couple of days I went from getting $5-6 per day to $15. Now that it is summer, I've calmed down on my mining seeing as my GPU was hitting +90c.

From what I can tell, when ETH2.0 comes out, mining on a GPU will be pointless, and the same would be for Bitcoin too as the algorithms are getting harder to crack. There is transition now to mining on dedicated ASICs and tbh, if you had a spare $5-10k lying around, you can get an ASIC miner which is capable of between 84 and 110 TH/s.

Your a star I’ll look into it 

For that reason … getting harder to mine Eth Iv been doing the two I mentioned as vertcoin is specially aimed at gpu mining … and u can change what they pay u in… but your still mining vertcoin that’s gpu friendly 

unmineable mines ethereum classic which apparently is easier to mine too… can even do it on your cpu although you’d be there a long long time 

[NottsRam77]

7 minutes ago, Maestro said:

Not sure how true it is, it's something I read on Reddit, but if everyone in the world had access to Dogecoin, in it's current state, a person would have to wait 6 years in order to process a single transaction due to how slow the underpinning technology and network is for Dogecoin. It was conceived as a memecoin and for some reason, people are bowing to the self proclaimed Crypto memelord Elon Musk in thinking it is the future. Idiots.

I wouldn’t touch it personally 

[Leeds Ram]

2 hours ago, NottsRam77 said:

I don’t bet on anything 

 

 

 

If you invest in cryptocurrencies how else would you define it? It's a sophisticated form of betting that should require more information than your more typical gambling (many people who 'bet' this way are typical 'gamblers' in the sense they don't see it as a gamble because they assume they won't lose) but it involves all the same elements. 

[Maestro]

3 minutes ago, NottsRam77 said:

Your a star I’ll look into it 

For that reason … getting harder to mine Eth Iv been doing the two I mentioned as vertcoin is specially aimed at gpu mining … and u can change what they pay u in… but your still mining vertcoin that’s gpu friendly 

unmineable mines ethereum classic which apparently is easier to mine too… can even do it on your cpu although you’d be there a long long time 

Where does your Vertcoin get paid in to? I've only got a Binance account at the moment but still need to set up Kucoin as a lot of altcoins that are tipped in a Telegram group I'm in is on there.

[Maestro]

1 minute ago, Leeds Ram said:

If you invest in cryptocurrencies how else would you define it? It's a sophisticated form of betting that should require more information than your more typical gambling (many people who 'bet' this way are typical 'gamblers' in the sense they don't see it as a gamble because they assume they won't lose) but it involves all the same elements. 

I would go as far as to agree with your statement that it is a "sophisticated form of betting". You could probably say that about anything where money is speculated in a way to accumulate though. No one knows what will happen in the lottery, sports betting, stocks or Crypto.

[Leeds Ram]

52 minutes ago, NottsRam77 said:

Two words why I believe in Bitcoin 

not all crypto but Bitcoin I do

quantitive easing 

It’s a store of value that intrinsically tied to the way the world is right now and like other physical assets is a solid store of value on a world where we will see more money be printed and the values of sad money decreased quicker than seen for a long time … due to COVID and the fall out 

 

Quantitative easing isn't printing money in the traditional way to the point it loses its intrinsic value or worth though. 

[Stive Pesley]

Should we talk about the ecological impact of the way crypto mining works? The huge carbon footprint - bitcoin mining consumes more energy than a medium sized European country. And it's getting higher all the time

Only the human race could be stupid enough, in a era of dwindling resources, to design a new currency system that eats through the remaining resources at an exponential rate

 

[Spanish]

31 minutes ago, NottsRam77 said:

SwissBorg, nexo and co offer interest rates that are too good to ignore 

8% on my gbp … or 0.01 on my post office savings account 

No brainer

how do they make a profit in order to pay out 8%?

[Stive Pesley]

15 minutes ago, Spanish said:

how do they make a profit in order to pay out 8%?

It's a ponzi scheme - mugs give them their money and they use that to buy crypto. The scheme only works while crypto is rising at silly rates and can generate the promised interest. So it relies on more and more people "investing" with them 

Don't go near it. "No brainer" is about right

Not regulated, and a total lack of transparency about who they are

 

 

[Spanish]

26 minutes ago, Stive Pesley said:

It's a ponzi scheme - mugs give them their money and they use that to buy crypto. The scheme only works while crypto is rising at silly rates and can generate the promised interest. So it relies on more and more people "investing" with them 

Don't go near it. "No brainer" is about right

Not regulated, and a total lack of transparency about who they are

 

 

I know that I was trying to be nice and helpful.  Once a month I get some chancer arrive full of hope and expectancy thinking I am gullible.  The best chance anybody has is if it is related to organized crime then it may have some 'legs'

[NottsRam77]

33 minutes ago, Leeds Ram said:

Quantitative easing isn't printing money in the traditional way to the point it loses its intrinsic value or worth though. 

Really ?

Give u an example 

my house gone up 25-30k in 2 years just had it revalued 

that means that means the hand in your pocket has to find another 25-30k to buy the same average 3 bed semi as I bought 2 years ago … that’s a 10% increase .. in two years 

what’s caused that ? 
demand ? 
inflation ?

taking that second point what causes inflation? 
 

And in turn what does that say about fixed assets of value ? 

your house ? Gold? Bitcoin ? 
 

im not for one second saying this is the way people should put their life savings into I’m certainly not 

but for me I can see a future where Bitcoin is used as a genuine asset of wealth 

more and more hedgfunds and institutions are taking notice 

Jp Morgan and Morgan Stanley seem to think so 

but whatever anyone does now is possibly the end of the bull run and if it isn’t we could be close so the last thing I’d do now is buy unless u were planning to hold for the Forseable which I plan to do 

as others have said I’m not throwing stupid money into it just money that I may have chucked into a crap saver or something .. £50 here and there