Cryptocurrency

[Mandi90TT]

Originally Posted by NickyC

Whatever you do, do not keep your coins on an exchange like Coinbase. You can use that site to buy/sell coins, but get them the hell off there and into your own private wallet.

Use Trezor or something.

Good advice, although Coinbase is pretty safe, but yeah, if you are not trading on a regular basis, keep anything over $1k on N offline hardware wallet.

[greenthumb]

I bought 2 1070 Tis on release day for mining. Fantastic cards. I really want to try out a Vega 56 though.

[Mandi90TT]

My 1070tis consistently do better than my Vega 56s

[P1]

What about all the other cryptocurrencies like Dash and Monero? Is it all just hype at this point, or are folks just trying to throw $1K at something in the hopes that it'll turn into a million a year from now?

[xQx]

Originally Posted by P1et

What about all the other cryptocurrencies like Dash and Monero? Is it all just hype at this point, or are folks just trying to throw $1K at something in the hopes that it'll turn into a million a year from now?

In short: Yes.

There are advantages / disadvantages to each; but BTC is the most popular and the general investors understanding of its advantages / disadvantages / technical design is outstandingly inaccurate.... so investing in Dash because it's technically superior to BTC is like investing in Betamax in the early 80's (or whenever it was neck and neck with VHS - I'm not saying Dash will fail, I'm saying the technical specifications aren't what's driving the price).

People have seen BTC go from $37 to $11,000. Ethereum has gone from $45 to $450 in six months. Dash has gone from $6 to $700. They're just throwing $1,000 into anything else that has some potential and are hoping that one out of 10 of them will go up 100x.

[TurboSid]

I have been running my 1080 and 1060s. gotten about $15 since the weekend. This is definitely a slow moving thing and like most said probably better to just throw some money at it on the exchange.

I'm still debating doing a 1070ti rig maybe 4 gpus.

[R3dliner]

Dumb question. I'd imagine these rigs are ran 24/7?
How's the electric bill and any damage to power supply?

[TurboSid]

Originally Posted by R3dliner

Dumb question. I'd imagine these rigs are ran 24/7?
How's the electric bill and any damage to power supply?

To get the max benefit yes. The calculator at NiceHash takes into account energy and you can buy tools to monitor your energy consumption as well.

There's no short term damage to the psu but the gpu fans will be running at close to max speed so long term wear might be a factor sooner.

The more cooling the better

[Kolyan2k]

Originally Posted by TurboSid

I have been running my 1080 and 1060s. gotten about $15 since the weekend. This is definitely a slow moving thing and like most said probably better to just throw some money at it on the exchange.

I'm still debating doing a 1070ti rig maybe 4 gpus.

$15 bucks? how many days and how many cards?

[Kolyan2k]

Originally Posted by P1et

What about all the other cryptocurrencies like Dash and Monero? Is it all just hype at this point, or are folks just trying to throw $1K at something in the hopes that it'll turn into a million a year from now?

Originally Posted by xQx

In short: Yes.

There are advantages / disadvantages to each; but BTC is the most popular and the general investors understanding of its advantages / disadvantages / technical design is outstandingly inaccurate.... so investing in Dash because it's technically superior to BTC is like investing in Betamax in the early 80's (or whenever it was neck and neck with VHS - I'm not saying Dash will fail, I'm saying the technical specifications aren't what's driving the price).

People have seen BTC go from $37 to $11,000. Ethereum has gone from $45 to $450 in six months. Dash has gone from $6 to $700. They're just throwing $1,000 into anything else that has some potential and are hoping that one out of 10 of them will go up 100x.

I read mining Dash is not profitable anymore due to sky rocketed difficulty. Read that people bought D3 miners and they are almost worthless now.

[TurboSid]

Originally Posted by Kolyan2k

$15 bucks? how many days and how many cards?

GTX 1080 and GTX 1060, separate systems. Running since approx. 3am on Sunday

[Kolyan2k]

I am getting hit from 2 sides with 2 of my buddies wanting to mine. I have no clue about this mining stuff but recently learned that those 1070ti maybe 6 of them should generate roughly $500 per month. But this stuff aint cheap, you are looking at $3500-4000 rig and the biggest question in 7-8 month when rig pays for itself will you be generating any profits due to prices and difficultly?

I looked at Antminers as well. I read S9s have 20% failure rate, near zero customer service and warranty. Its a 3 month wait time to get one (I guess it could be more because you can expect anything from China), and its the same story....even if you do get one in 3 month, even if it does work, will it still make money in 6 month or even 3?
Ps. Antminers released T9 in January which is supposed to be more reliable then S9, but thats not even available to preorder

[TurboSid]

The GTX series and the and equivalent will be easier to sell if u need to get rid of them. I'm going to stick with 1070ti if I do a mining rig. I already ordered the Mobo and CPU for the hell of it.

[Kolyan2k]

Originally Posted by TurboSid

The GTX series and the and equivalent will be easier to sell if u need to get rid of them. I'm going to stick with 1070ti if I do a mining rig. I already ordered the Mobo and CPU for the hell of it.

Market will be flooded with discounts and used GPUs if or when shit hits the fan You'll be getting nickels and dimes for those 1070tis What do people here think of simply reselling Antminers? Those are double the price from US sellers.
I like how one guy commented in some forum. During gold rush people made money on selling shovels not gold

[TurboSid]

Agreed about the market being flooded. But at the end of the day it'll still be easier to sell than mining specific cards. Hopefully if/when that does happen you'd have recuperated at least a little bit of your costs

[Mandi90TT]

Originally Posted by TurboSid

I have been running my 1080 and 1060s. gotten about $15 since the weekend. This is definitely a slow moving thing and like most said probably better to just throw some money at it on the exchange.

I'm still debating doing a 1070ti rig maybe 4 gpus.

IF you are a techie, it's a fun project to keep in the basement/garage/corner room and play with it. If you are an average guy, you are likely better served by investing directly in coin.

I'm a techie.

[Kolyan2k]

https://www.coindesk.com/62-million-...cehash-hacked/

[TurboSid]

Originally Posted by Kolyan2k

https://www.coindesk.com/62-million-...cehash-hacked/

wow that sucks.

I had my wallet at coinbase but didn't get a payout so I guess I'm out $20 and a few days of mining.

[Mandi90TT]

Yeah, I lost about $500, since I wait until I get 0.15 BTC, which minimizes the transfer fees, before I transfer my internal wallet to my coinbase wallet.

[Kolyan2k]

Hackers must be having a blast with all this crypto currency

PS. Saw a YouTube of some guy, he spend $80k on Bitmain miners about a year ago. I calculated, at $20k for 1 Bitcoin he has about $5 million today and he didnt do shit, just paid a guy to set everything up for him. Drives Bentayga

[Rob340i]

Personally i feel its a little late in the game to get into it and it all seems a little risky to me i will stick with the conservative methods such as the stock market precious metals and property.

[Kolyan2k]

So now that NiceHash is down, what do people use? Any other recommendations?