Riding the Crypto wave

[yotano211]

Maybe it was the transaction cost but I think also the time it takes to finalize the transaction. It could take hours to finalize the payment. In that time, btc just dropped 10% or increased 15%.

 

[notb]

I agree with most of your post, but far more an issue for steam was the outragous transaction fees I think. The rest is my views to a tee.

Transaction fees don't help and they were mentioned in the official statement. Clearly, BTC - as a payment method - is rubbish (just how ironic is that...).

But lets forget about Steam. Imagine you are running a shop. Would you accept BTC today?
I'm pretty shocked anyone does. I wonder how is Newegg coping, but since this is a Chinese company, they might have a huge BTC mining farm beside the electronic store business...

 

[R-T-B]

Maybe it was the transaction cost but I think also the time it takes to finalize the transaction. It could take hours to finalize the payment. In that time, btc just dropped 10% or increased 15%.

That's not really an issue when you are using a payment processor that eats the difference. Steam was. The issue is a $7+ transaction fee on a at most, $60.00 video game. That's like a bloody sales tax...

Transaction fees don't help and they were mentioned in the official statement. Clearly, BTC - as a payment method - is rubbish (just how ironic is that...).

But lets forget about Steam. Imagine you are running a shop. Would you accept BTC today?
I'm pretty shocked anyone does. I wonder how is Newegg coping, but since this is a Chinese company, they might have a huge BTC mining farm beside the electronic store business...

Newegg uses the same payment processor as steam (doesn't deal in any actual bitcoins as such), but doesn't really care about the end consumer as much IMO. The only thing that will make them reconsider having it is a large number of confused buyers with failed transactions, which will likely start happening soon.

Bitcoin is best viewed as a beta of an online currency, and one that isn't very good honestly. As an actual implementation, it is dying in several ways for real world currency use. There are way better options out there.

 

[Nordic]

I used to mine bitcoins and litecoins in 2009-2011. I sold off quite a few at $30 and at $300, which was some extreme profits on my end for the time. I used this money to move and do not regret the value it could have had today.

I do believe bitcoin is in a bubble. I base this belief on media attention and public knowledge of crypto coins. Most people I talk to outside of techie circles know of bitcoin but don't know much about it. When everyday people are asking how they can get into it, I take that to mean that there is too much enthusiasm. Before 2008 many people were buying houses bigger than they could afford. Before the 1930's many people were putting everything they had into the booming stock market. When it seems like too much of a sure thing to what are essentially layman, then I am going to expect a bubble.

I say this here because I value the opinions of certain people who participate in this thread, and I am curious what your response is. I am a fan of crypto overall. I agree with @R-T-B that sooner or later a better crypto coin will take over, but I don't think it will happen until a bitcoin market correction.

I could probably crash bitcoin today if I invested in it, given my usual luck. Should I?

 

[silkstone]

I think it is way overvalued at the moment too. As you say, there is too much enthusiasm for what 'could be', but no real value inherent in crypo yet. I think it will crash, then people will lose both money and interest. After the crash a few 'key' coins will rise again. Personally, I think XRP has a lot of long term potential, from following the development and marketing of it. I also believe that there is a place for coins like ZEC and XMR, but not long-term at their current price points. Bitcoin is still too slow and expensive to be of any real use and I think ETH will eventually replace it.

 

[trog100]

bitcoin is the daddy and all attention is on it..

but sunday night i paid £482 UK pounds for 4 more litecoin to add to my recent acquired 21.5 litcoin stash.. giving me 25.5 in all..

that £482 buy which included a rip off £20 fee now stands at over £1100 and my 25.5 litecoin stash stands at £7234 uk pounds.. call that about $10000 dollars or so..

not a bad profit and i am rather hoping that litecoin in 2018 does what bitcoin did at the beginning of 2017.. head for the moon.. he he

my figures over the day.. in UK pounds..

11/12/2017 09:47

litecoin £4794 £188 per coin

etherium £1580 £397 per coin

total £6374

11/12/2017 14:23

litecoin £7234 £283 per coin

etherium £1754 £438 per coin

total £8988

trog

ps.. is it a bubble.. maybe but its got plenty of time to grow before bursting..

 

[Papahyooie]

Anyone still using MinerGate? I switched over to Mining Pool Hub, but I mined on MinerGate for several days. I gave it a couple of days for MinerGate to finish all it has to do for my "ending" balance to be correct... Apparently 4 days worth of mining with 3 graphics cards netted me $3.95 worth of ZCash.... wtf? On Nicehash (and now on Mining Pool Hub) I do well over 5 bucks a day. Small potatoes for sure, but that's not the point. I don't know what the heck MinerGate is pulling, but that's nonsense. My hashrates were similar to my NiceHash rates. Anybody seeing actual profit happening on MinerGate?

 

[trog100]

i have just started using minergate last thursday.. six days now.. 10 x 1070 cards.. i manually set it to mine eth.. no smart mining stuff..

it tells me i have mined about 200 dollars or just over .3 of a coin.. my only snag is they have etherium withdrawals shut down for maintenance..

i am still making my mind up about them..

they did answer my query about this which i take as good sign..

Hello,

Thank you for your query.
Ethereum withdrawals are temporarily disabled due to a technical maintenance. We are walking extra miles to complete it at shortest delays.
Please accept our deep apologies for inconvenience caused.

Best
Inge Solberg
MinerGate Support team

trog

 

[Papahyooie]

I had manually set to mine zcash. Didn't use the smart mining. Maybe I just haven't waited long enough.

 

[lemkeant]

i have just started using minergate last thursday.. six days now.. 10 x 1070 cards.. i manually set it to mine eth.. no smart mining stuff..

it tells me i have mined about 200 dollars or just over .3 of a coin.. my only snag is they have etherium withdrawals shut down for maintenance..

i am still making my mind up about them..

they did answer my query about this which i take as good sign..

Hello,

Thank you for your query.
Ethereum withdrawals are temporarily disabled due to a technical maintenance. We are walking extra miles to complete it at shortest delays.
Please accept our deep apologies for inconvenience caused.

Best
Inge Solberg
MinerGate Support team

trog

Those of you using Minergate, stop. They dont pay out very well (as in what you could earn). You're much better off using a regular pool and regular wallet.

We'll have to see what happens with Nicehash, but in the meantime, Miningpoolhub seems to be the best "similar" alternative. At least use that if you're looking for an all in 1

 

[trog100]

my minergate output is okay for what i expect for my hardware.. my only gripe is they say the withdrawal system isnt working.. its down for maintenance..

my 10 x 1070 cards are showing 210 dollars in my minergate account for six days mining.. that is plenty good enough for me.. thats 35 dollars per day mining etherium..

unless i see some actual figures i have reached the point where i dont believe a word i read.. there is just too much copy and paste bollocks doing the rounds..

trog

 

[trog100]

minergate actual figures for six days mining ehterium..

no hearsay copy and paste sh-t from me.. just the actual figures.. which i recon are pretty good for six days mining..

trog

 

[yotano211]

minergate actual figures for six days mining ehterium..

no hearsay copy and paste sh-t from me.. just the actual figures.. which i recon are pretty good for six days mining..

trog

You are being cheated. You said you mine with 10x 1070s. Your hash rate should be around 260mh/s at stock to 300mh/s overclocked.

 

[trog100]

my hash rate on the front end gui seems to vary.. at times its up to 366.. i dont understand where that 198.2 figures come from or the 366 figure.. or what governs things on the gui front end but it is all over the place..

the dollar gain dosnt fit in with a low hash rate ether..

i mined with nicehash for three months.. at first i saw 20 dollars per day.. that fairly quickly dropped off to 15 dollars per day and then went up to around 25 dollars per day before nicehash went down..

i dont think the gui front end always makes sense..

my actual two card desktop miner makes sense.. and so does my 8 card mining rig which shows 240 mhs.. a total of 300 mhs for the pair.. as it should be

plus 35 dollars per day (3.5 dollars per day per 1070) or 245 dollars per week for sure aint being cheated.. i can only assume the low 198 mhs or the high 366 gui front end figures are wrong or some kind of average4 dont mean that much..

i do know minergate can go for ages and not show any gain and then jump up quite rapidly.. its output isnt consistent unlike nicehash which was..

i will keep an eye on it and see where how it goes up and down and maybe find out why.. ..

the bottom line is though.. i go by what the eth or dollar outputs are.. these are very good.. i dont think i am being cheated.. or that minergate pays out low.. assuming it eventually does payout.. he he..

trog

ps.. i just spent ten minutes watching that gui hash rate.. every half minute or so it jumps about.. during the time i was watching it.. it went from lows of 250 ish to highs of 350 ish.. i would guess the real hash rate would be some kind of average we dont get to see..

 

[insane 360]

greetings all,

recently started to get my head around mining, been watching it for a long time and kicking myself for not doing anything...

long story short, i've started on mining pool hub and just trying with equipment i have on hand (dual xeon x5675) and mining Myriad Coin for fun. i know they are near worthless right now but just by trying it out i've learned more practical knowledge then i had prior to this.

its still the first day of real mining (was lots of errors getting here) but my 24 threads of 3ghz are pulling in about 6-9 kH/s my power is pretty cheap so i'm not worried about it as its just a side hobby while my computer is idle...and if this coin does pick up from .005 that its currently at then who knows maybe it will be more than fun or a stepping point to something else.

anyone else CPU mining ATM?

 

[trog100]

greetings all,

recently started to get my head around mining, been watching it for a long time and kicking myself for not doing anything...

long story short, i've started on mining pool hub and just trying with equipment i have on hand (dual xeon x5675) and mining Myriad Coin for fun. i know they are near worthless right now but just by trying it out i've learned more practical knowledge then i had prior to this.

its still the first day of real mining (was lots of errors getting here) but my 24 threads of 3ghz are pulling in about 6-9 kH/s my power is pretty cheap so i'm not worried about it as its just a side hobby while my computer is idle...and if this coin does pick up from .005 that its currently at then who knows maybe it will be more than fun or a stepping point to something else.

anyone else CPU mining ATM?

i dont cpu mine because it dosnt produce enough to bother.. i will give you one tip.. if you do want to make some money as well as mine for fun.. dont buy mining hardware just buy some eth or litecoin and watch them go up.. my little stash has gone up by around $8000 since sunday night.. i have mined about $150 dollars in the same time.. he he

see here https://coinranking.com/

 

[R-T-B]

Anyone still using MinerGate? I switched over to Mining Pool Hub, but I mined on MinerGate for several days. I gave it a couple of days for MinerGate to finish all it has to do for my "ending" balance to be correct... Apparently 4 days worth of mining with 3 graphics cards netted me $3.95 worth of ZCash.... wtf? On Nicehash (and now on Mining Pool Hub) I do well over 5 bucks a day. Small potatoes for sure, but that's not the point. I don't know what the heck MinerGate is pulling, but that's nonsense. My hashrates were similar to my NiceHash rates. Anybody seeing actual profit happening on MinerGate?

I'd say avoid minergate. That sounds way too low to be correct.

 

[trog100]

I'd say avoid minergate. That sounds way too low to be correct.

as an impartial observer RTB what do you recon to my 35 dollars per day on minergate.. or .3125 eth over six days..

i hate mysteries.. is minergatee any good or isnt it.. he he

i have done plenty of google research used it for six days and still havnt a clue..

what papa says seems to be 100% in conflict with what i say.. i hate mysteries they serve no useful purpose at all.. more so if they are left hanging in the air with no attempt made to solve them.. which to be honest is the internet all over.. too many opinions all conflicting with each other and total confusion being the end result .. he he

trog

 

[Papahyooie]

I'd say avoid minergate. That sounds way too low to be correct.

It may just be that I haven't waited long enough to be credited all that is due. I started mining with them right before trog did, and only made 2 bucks though? With a 980ti, a 970 and a R9 280? Yea, definitely wrong, one way or another. I will keep checking, and maybe they will update it eventually.

Either way, I've moved on to Mining Pool Hub, and they are vastly superior. Especially being able to get paid in any coin I want is awesome.

 

[trog100]

my latest minergate update.. the withdrawals are now working and the total mined figures for one week are.. $242 US dollars or .32 eth..

this seems good enough to me and matches the benchmarks estimate.. which for my system showed 36 dollars per day but the eth price has gone up a fair bit since i ran the benchmark a week ago.. how this effects things i dont know..

trog

 

[yotano211]

my latest minergate update.. the withdrawals are now working and the total mined figures for one week are.. $242 US dollars or .32 eth..

this seems good enough to me and matches the benchmarks estimate.. which for my system showed 36 dollars per day but the eth price has gone up a fair bit since i ran the benchmark a week ago.. how this effects things i dont know..

trog

This is my ETH mining chart. The blue line is the actual mining rate, it rarely goes above the green, the reported rate. The orange line is the average rate over 24 hours.

 

[trog100]

This is my ETH mining chart. The blue line is the actual mining rate, it rarely goes above the green, the reported rate. The orange line is the average rate over 24 hours.

if that is for a 24 hour period the .120 eth looks remarkably.. over a week that would be 0.8 eth.. or am i reading things wrong.. i recon i must be..

trog

 

[yotano211]

if that is for a 24 hour period the .120 eth looks remarkably.. over a week that would be 0.8 eth.. or am i reading things wrong.. i recon i must be..

trog

I average 0.22641 per day

 

[trog100]

I average 0.22641 per day

running what hardware.. ??

.226 eth per day would be 1.582 eth per week.. which at current eth prices would be over $750 per week..

trog

 

[silkstone]

running what hardware.. ??

.226 eth per day would be 1.582 eth per week.. which at current eth prices would be over $750 per week..

trog

More like $1k a week. I'm pretty sure yotano has a few dedicated rigs.