Crypto Currencies ~ " Duck Tales Spin From The Crypt"

There are tons of awesome guys on here that have been a huge help in the weeks that I started getting into this. It is confusing and easy to make silly little mistakes, but I got the right info to make somewhat sound baby steps into the market!

 

fawk you guys are quick, already edited >_>

I'll just stick with my USD estimates, too lazy for sat values LOL

 

For those trying to grasp SATS
https://www.bestchange.com/converter/

 

That is the one thing I dont like about Binance. They dont have any of the real obscure/new coins that are very very low in sat value that have the potential for 1000s of percent gain so quickly like BTNY.

 

What do y'all recommend for marketplaces that sell the penny coins? Daddy needs to make it rich!

 

Kucoin has all these new coins it seems, but I'm not a fan of their website at all.

Luckily gate.io picks these up pretty quick as well.

Seems like the goal of these alt coins is to make it to Binance, because once it does, it almost always goes up.

 

3rd consecutive 1-hour candle closing above Bollinger for Ripple.

 

Supposedly official Wraith announcement tomorrow. Be interesting to see what happens.

 

I'm noticing something from this thread that is a little bit disconcerting, so I think it's about time for some protips:

1) DO NOT NOT NOT NOT NOT invest money that you can't afford to lose, especially not in something as volatile as cryptocurrencies. DONT DO IT. I don't care if you have insider information that wangcoin is going to grow 100000% in the next 2 days, DONT DO IT. If you can't look at the $100 you just put into coins without a pang of remorse, you need to focus on getting yourself to a generally better place financially. This is the advice I've lived by and I've been messing around in penny stocks and now crypto for about a decade. I can't imagine living with some of the stress over losing money I'm seeing in this thread.

I get it, the 'get rich quick' allure makes everyone want to pump their whole savings into eth, but that is just plain foolish. Only invest what you can afford to lose, period.

I'd also recommend not investing in something *at all* if you have credit card debt. Say your average interest rate on a credit card is 20%. Pay off any amount of that card and you've effectively just made a guaranteed 20% return over a year on that amount. That's a hell of a lot better than most investments will get you over that time. Plus you get more financial peace of mind, which is invaluable.

2) Because crypto isn't very regulated and based almost purely on speculation, it is very dangerous to try to daytrade. There be whales in them thar waters and people *are* actively engaging in normally-illegal activities to manipulate these exchanges. I'm not saying don't try it- it CAN be lucrative. I'm saying be aware that you may get totally boned, and I'd almost encourage one to treat it with more of a gambling mindset than an investing mindset

3) Hang onto the dang coins! (if you've been on reddit or made it through 2 pages of this thread, you may recognize this as 'HODL'). Crypto is gaining mainstream traction like crazy right now and the big players are probably going to have a strong 2018. Do some real research on a coin that has an actual use, dig in, and just let it sit there. No need to check every 10 minutes and stress out over the day to day ebb and flow.

4) If you can, mine! Bitcoin mining is pretty impossible to get into at the moment, but several of the altcoins are still very mineable. If you've got basically any 10 series nVidia card or a newer AMD card, you have a strong enough card to mine. As long as you pick something that covers the cost of your electricity, it's literally free money to just leave your PC running while you aren't using it crunching numbers. I'm averaging ~$7 a day just leaving my gaming rig on doing math.

 

Truth...treat it like you would gambling money at a casino. Also, I'd be interested in picking your brain on mining. I think I could maybe get something plugged into my office at work, but I still wasn't able to sell myself on the ROI.

 

lol wang coin

 

So as I understand it, you only tax capital gains for crypto? Meaning once you cash out to fiat. Does this mean that the 2017/2018 capital gains guidelines are in place?

"Taxpayers in the 10 and 15 percent tax brackets pay no tax on long-term gains on most assets; taxpayers in the 25-, 28-, 33-, or 35- percent income tax brackets face a 15 percent rate on long-term capital gains.

For those in the top 39.6 percent bracket for ordinary income, the rate is 20 percent."

 

long term - At least a year.

 

Indeed. Verge has taken a pounding lately

 

I can help you too. It is a bit of debate on if its worth it with a single card IMO (depending what the card is of course)

 

I'd be happy to field your questions if you want to PM me. I upgraded recently from a 780 GTX to 2x 1070 Ti's in order to kind of 'proof of concept' if I want to build a dedicated mining rig with 6 or 8 of those cards. That way in the worst case, I just upgraded my PC which was due anyway.

I've gently overclocked the cards and after leaving them on mining over Christmas to get an idea of profit, my math shakes out to bringing in ~$230 a month mining zcash at the current market value and difficulty. Worth noting that zcash is low now too, so any increase in the value of a coin obviously increases that number. If I were to invest in 6 of those, then a dedicated rig would turn into $690/mo, and 8 would be $920/mo. So not chump change by any stretch, and more than enough to cover the $3000-$5500 investment it would take to build the rig itself and still turn a healthy profit.

My wife and I are working towards a financial milestone that should be met after tax season this year, then I'll be taking a serious look at a mining rig.

In the short term, I'm mining zclassic because that's about to fork into bitcoin private, and the expectation is that it's going to be similar in price to other big bitcoin forks, and they're paying out 1:1 for zclassic holders. zclassic has gone from $1 to $30 a piece in the last couple weeks because of this announcement. Fork is expected to happen late january, so I'm trying to stockpile those now in the hopes that I can sell the bitcoin private and get my bumper ordered lol.

 

TLDR

Been searching around for wangcoin. It doesn't seem to be on binance. Any idea what exchange has it?

 

tl;dr: Don't invest money you don't have.

Wangcoin may or may not be real. I did notice this morning that 'sexcoin' is real. I can only imagine what that's used for...

 

A whole new level to the crypto-inception game...



...And here I am like, I could get into this. I work a frickin' desk job.

 

So the bigger question is let's say you spent roughly $1200 on your dual mining rig ($400/card, $400 for remainder of the machine). You will make your money back in roughly 5 months. What happens a year or two from now when you've got what's generally considered outdated tech?

Mining Rig (Using your figures) vs. cloud mining over a 12mo span:

Mining Rig
Mining rig cost - $1200
Electricity cost - $600? ($50x12mo)
Total Cost: $1800
Projected Gross Return: $2760 ($230x12mo)
Net Income: $960 (ROI 53%)
Other items considered: You own your rig after the year and can put it to continued use but are responsible for it's functionality, etc.

Cloud Mining
Computing cost: $440 (can be any amount, but this is what I invested so I can speak to it's returns)
Electricity cost - $0
Total Cost: $440
Projected Gross Return: $1,313 (projected by Hashflare, assuming I don't reinvest dividends)
Net income: $873 (ROI 198%)
Other items considered: No tangible asset after the 1yr contract, run the risk of getting scammed

Of course this doesn't factor in difficulty increases, inflation/deflation of coin, etc.

I really do like the idea of having a mining rig going, but I just don't see the value in it - although I'm sure I'm missing something. The major barrier is the difficulty increases which my research led me to think that units become useless after about 12 months (speaking specifically about an ASIC machine here like Antminer). Their general lifespan looks to be something like 3 months to recoup initial investment, 9 months profit, machine obsolescence.