1. Advertising
    y u no do it?

    Advertising (learn more)

    Advertise virtually anything here, with CPM banner ads, CPM email ads and CPC contextual links. You can target relevant areas of the site and show ads based on geographical location of the user if you wish.

    Starts at just $1 per CPM or $0.10 per CPC.

Any miners and crypto traders here?

Discussion in 'General Business' started by eldiablo, Feb 8, 2018.

  1. #1
    Hey guys,

    I'm a loooong time member of this community, haven't been active lately here as I've been quite busy doing other things (crypto among others). :) However I've read a lot, learned a lot here and done quite a lot of business here so I thought to start up a thread and see how many of you are involved in this sphere of business and money making.

    With time I've learned that from various communities you can get various conclusions, view points and inputs that can help you do your due diligence further on and that's pretty much why I'm here now. :)

    So, let's start. :) I'm a miner (having 1 rig for now, other one is on it's way) and investor into crypto. I hold a few coins myself and I'm always looking for new ones to invest. I haven't done day to day trading pretty much ever yet.
    SEMrush
    I split investments into short term, mid term and long term.

    Currently I'm holding following coins:
    * Dent & Telcoin (as I believe these 2 coins getting involved in our everyday sphere of telecommunications have HUGE potential to grow); mid term
    * Datum (this is one of the coins that haven't moved in BTC parity since start of dip few weeks ago, let it speak for itself); long term
    * DeepOnion (this is actually my favorite coin; this is anonymous crypto currency running native on TOR network; great developers and amazing community standing behind project, highly undervalued right now, looking at easy 10x growth) I'm in it for long term. Airdrop is still in progress for another 10 weeks, Deep Onion community has great contests, like ($300 for a meme each week, $500 for best article... hahah)... Anyone can participate! I just love this project; long term
    * POWR & ENJ (these two are not the same, but I like them both equal to put them together)
    * Po.et (POE) (this is one project that's related to all of us, it's related to Internet Marketing and content protection and this is why I've invested in it)
    * ???? looking for more! :)

    Well that's about it from me right now. Looking forward to have a constructive discussion with this community about crypto. Hopefully you guys here are up for it. :)
     
    eldiablo, Feb 8, 2018 IP
    SEMrush
  2. eldiablo

    eldiablo Active Member

    Messages:
    200
    Likes Received:
    6
    Best Answers:
    0
    Trophy Points:
    80
    #2
    Ok so a bit of update from my end. :)
    Lot of stuff happened in the past week. I've sold out Dent & Telcoin, I just don't like them. IDK why, I just feel that it will not be possible for such projects to cope with huge telecommunication companies and providers.

    DeepOnion project is the one that surprises me the most so far each week. :) On Friday, in total, 887 people received a combined total of 242000 $Onions! Please note that each $Onion is worth ~$5 now. Statistics is also public. You can see it here for this week airdrop: https://deeponion.org/report.php?date=2018-02-16 this is insane value being distributed each and every week. What is even more funny is that from next week they will be distributing 300000 onions each Friday. :)

    All other projects seems fine, no special update yet so far.
     
    eldiablo, Feb 17, 2018 IP
  3. JoeSpirit

    JoeSpirit Active Member

    Messages:
    483
    Likes Received:
    61
    Best Answers:
    3
    Trophy Points:
    53
    #3
    I have some mining contracts. Don't have the equipment to mine crypto myself.

    Currently, I have one contract for bitcoin schedule to open later this month.

    I also have an active contract for a coin that just emerged the beginning of Feb. That one was created by a company that I've been a member of for close to two years now (currently over 2 million members so a lot of backing for the coin). This morning it was sitting at $10.35. It was a little over $21 at one point but I expect it to climb when more members come on board.

    At the moment I'm only looking at long-term but expect I'll adjust my view as time goes on.
     
    JoeSpirit, Feb 18, 2018 IP
    eldiablo likes this.
  4. CarlosRiv

    CarlosRiv Peon

    Messages:
    9
    Likes Received:
    0
    Best Answers:
    0
    Trophy Points:
    1
    #4
    There are currently about 16.4 million bitcoins in circulation and only 21 million will ever be produced in total. Every year, the process of generating bitcoins (mining) gets more and more difficult. This is because the algorithm involved makes the process more complicated and time-consuming. This could eventually lead to a deficit of bitcoins, meaning a further increase in its value.

    As such, now is the perfect time to enter the market and start trading on these instruments!

    In order to start trading bitcoin, open an ECN account, or top up an already-existing one. Alpari made two new instruments (bitcoin CFDs) available for trading on all ECN accounts, se more in https://alpari.com/en/company/news/4680_04072017/
     
    CarlosRiv, Feb 18, 2018 IP
  5. Ant-Lion

    Ant-Lion Active Member

    Messages:
    164
    Likes Received:
    4
    Best Answers:
    0
    Trophy Points:
    70
    #5
    What has your experience with mining contracts been like? I live in an area with expensive electricity so it is not profitable to mine myself so I have been curious about mining contracts.
     
    Ant-Lion, Feb 18, 2018 IP
    eldiablo likes this.
  6. JoeSpirit

    JoeSpirit Active Member

    Messages:
    483
    Likes Received:
    61
    Best Answers:
    3
    Trophy Points:
    53
    #6
    The contract that I have currently active is looking good so far. I purchased it at the $1000 level on 1 February. This morning the coin valued at $9.72. My mined coin level this morning was 33.3188364 valuing at $502.81.

    So in less than a month, I've already recovered more than half my original investment. I'm pretty happy with that as this is a two-year contract. And I expect the value of this particular coin to increase dramatically later this year.
     
    JoeSpirit, Feb 19, 2018 IP
    eldiablo likes this.
  7. dscurlock

    dscurlock Prominent Member

    Messages:
    4,542
    Likes Received:
    258
    Best Answers:
    0
    Trophy Points:
    300
    #7
    I seen a piece on the news about this bit company that moved into town which had dirt cheap prices on electricity, and they
    were showing rows and rows of computer servers, so it is just not about the electricity, you need millions of $$$ is processing power
    also, and even with all that power, the claim they made on how many coins they mined was not all that impressive....

    People keep saying that bitcoin is the future...
    however, as long as BitCoin is classified as an "investment" and not
    backed by the US govt like cash or currency, then it is considered another
    investment fad going through its cycles...

    so what happens when all the coins have been mined?
    as they stated there were only so many unmined coins left....
     
    dscurlock, Feb 19, 2018 IP
    eldiablo likes this.
  8. JoeSpirit

    JoeSpirit Active Member

    Messages:
    483
    Likes Received:
    61
    Best Answers:
    3
    Trophy Points:
    53
    #8
    My bitcoin mining contract is with a company that produces videos showing all the rows of servers they use. It obviously is very expensive to operate like that. Along with those servers you have the need for massive AC units to keep those servers functioning. This company (from what I'm hearing from trusted sources) is doing very well for the contract purchasers so far. I can't personally speak to that as my contract isn't active yet.

    Maybe eldiablo can shed some light on how successful an individual can be by mining with his own equipment.

    One of the big marketing points for crypto at present is its anonymity and the fact that it isn't controlled by governments or banks. One bad thing about that is certainly that a lot of criminal elements are using it to launder money and I'm sure that will have to change. I think it will be interesting to see how it evolves.

    There are new currencies being created continuously. Yes bitcoin itself only has a few million coins left to be mined. All coins will be held to a limited number of total mined quantities. Except for the scams - and there won't actually be many (if any) of those mined anyway. Anybody looking to get into the crypto niche needs to be super careful of what coin they decide to acquire.
     
    JoeSpirit, Feb 20, 2018 IP
    eldiablo likes this.
  9. eldiablo

    eldiablo Active Member

    Messages:
    200
    Likes Received:
    6
    Best Answers:
    0
    Trophy Points:
    80
    #9
    Bitcoin is if you ask me completely undefined now as we speak. It's not either a currency nor investment nor asset. It's a fact that people are pouring money into it from one reason or another. Well even those servers for processing power are also money put in bitcoin and its value will grow just because of that. Now there is some serious money involved in whole story. That's what put me into this.

    As you can see I'm long long time ago into internet marketing, but yet completely missed crypto as an opportunity to jump into few years ago as I didn't had any faith in it. However, about 6 months or so ago I've started reading/playing around and it all starts at that point.

    I don't see how bitcoin as bitcoin is going to change the World, but blockchain technology has a great chance of accomplishing that whatsoever.

    I haven't used any mining contracts or cloud mining but I am on the edge of trying out NiceHash as a buyer as I've also haven't been selling my hash power their way.

    As a solo GPU (Nvidia) miner, it's always good to do your own research and mine coins that are easier to mine and are ASIC resistant so it helps you get much more coins and decent profit. I've met some miners selling their coins right away or trading for more profitable coins. Let me share an example. Mining DeepOnion with GPU is now pointless, it's running on X13 algo as there is ASIC for it, so what I did was mining Desire coin with GPU (as Desire coin is running on NeoScrypt and it's ASIC resistant) and that was very profitable coin to mine, as it price went really high up few weeks ago. So I was mining Desire and trading it for coin of my preference in this case DeepOnion. I hope this explains that. :)

    One other benefit of solo mining is that if you mine coins that don't pay the day you are mining them, just by looking a bit in the future (like JoeSpirit is with his coin) it can give you a great advantage over others as you'll have bags filled with that particular coin from the very start and just holding it up few months can help increase your position a lot.

    This is truly a fact, anonymity and privacy is the way to go. Bad thing is certainly that it can be abused, but if you look at it from that point of view, even kitchen knife can be abused if not used for what it's supposed to be used... Privacy is big concerns and should be looked up closely.

    One of the biggest scams are involving ICO type of coins. Huge portion of those should be closely investigated. I tend to avoid ICOs, yeah I am aware that I'm buying in at a bit higher price once when coins hit exchanges, but it's safer that way instead of with blatant ICO type of projects. Some of them are like politics a lot of promises, not much of a delivery.

    Thanks for joining in discussion. :) I'll send update as well about my portfolio soon, this is one huge chunk of text and I need to go for now.
     
    eldiablo, Feb 22, 2018 IP
  10. JoeSpirit

    JoeSpirit Active Member

    Messages:
    483
    Likes Received:
    61
    Best Answers:
    3
    Trophy Points:
    53
    #10
    The way I read Notice 2014-21 the US IRS views cryptocurrency as both an income and an asset and levies taxes both ways.

    I am not a tax accounting professional.

    But according to the notice you owe an income tax on the value of the currency at the moment that it becomes available for you to use (spend/trade, etc.) so you need to keep a running record of the values, which can present an obvious problem given the volatility.

    And you also need to track the value for when you trade or spend the currency because that incurs capital gains or loss in the states.

    Crypto itself might be anonymous at the moment but I have seen reports that the IRS is beginning to force financial entities to identify owners of crypto wallets and from there go after the taxes they consider are owed.
     
    JoeSpirit, Feb 23, 2018 IP
  11. eldiablo

    eldiablo Active Member

    Messages:
    200
    Likes Received:
    6
    Best Answers:
    0
    Trophy Points:
    80
    #11
    No tax expert neither here and I tend to be sure once when any crypto goes to USD (fiat) as profit at the end of the day tax needs to be paid. In the meanwhile I do tend to think that anonymity projects have best future actually. ICO projects are as well shady as I said. This is why my favorite of the above is DeepOnion it's airdropped. Fun thing is that they just airdropped 292.000 coins on Friday, that is at these prices about $1 million USD. This is something that doesn't come to sense somehow, but still as holder and investor I love this project. When we are discussing privacy they just upgraded to latest TOR release with OBSF4 and MEEK support as well for users with censorship issues. Amazing project indeed. I can't wait for release of VoteCentral and allowing community to run the project indeed by making votes and deciding future of project.

    Also one quite interesting project that I've run onto is Oyster (PRL), they seem to be looking to change the way that we know website advertisement. In addition to that huge coin burn is going on this month, almost 10% of coins if I've got it right, so for short term investment it seems to be pretty safe bet.
     
    eldiablo, Feb 24, 2018 IP
  12. JoeSpirit

    JoeSpirit Active Member

    Messages:
    483
    Likes Received:
    61
    Best Answers:
    3
    Trophy Points:
    53
    #12
    This looks like a question for eldiablo. I don't actually mine crypto myself. I do purchase mining contracts that (as I understand it) pay the miner to "dig up" crypto for me. I believe that the act of crypto mining involves solving algorithms in the blockchain and I'm not so sure that luck is involved in that. I think that the miner who solves a particular algorithm first is the one who reaps the reward so I'd expect there's some level of skill involved.

    Am I stating it correctly eldiablo? Feel free to straighten me out if I'm not right.
     
    JoeSpirit, Feb 26, 2018 IP
  13. eldiablo

    eldiablo Active Member

    Messages:
    200
    Likes Received:
    6
    Best Answers:
    0
    Trophy Points:
    80
    #13
    ^^^ Yes this is pretty much correct :)
    However at the end of the day either if you are mining at the pool with 10 miners or 2872 miners it comes down to pretty much the same result, unless (in theory) it happens that pool with 10 miners where you are at keeps finding blocks and therefore you will get much more reward.

    While we are at mining, have you guys heard? There is now even hard drive mining, I've read recently about it. Actually interesting concept, but boy where will this take us :)

    My favorite coin is doing well guys just released faucet located at http://deeponion.space looks pretty neat and quite easy way to get your bits and tips on how crypto works and get your free $Onion crypto :)

    Entire market seems a bit slow to me right now so I haven't taken any actions overall in terms of trading until it gets a boost. :)
     
    eldiablo, Mar 3, 2018 IP
    JoeSpirit likes this.
  14. JoeSpirit

    JoeSpirit Active Member

    Messages:
    483
    Likes Received:
    61
    Best Answers:
    3
    Trophy Points:
    53
    #14
    The company that created my favorite coin also puts out instructions for how to mine the coin yourself. I'm not sure if that can be done with a hard drive though. I haven't looked into it enough to learn about it yet.
     
    JoeSpirit, Mar 3, 2018 IP
  15. tokyoice

    tokyoice Well-Known Member

    Messages:
    3,320
    Likes Received:
    66
    Best Answers:
    0
    Trophy Points:
    165
    #15
    I wouldn't say I'm a trader, but I have invested for sure. My return has been a large one too. I'm keeping my coins where they are for at-least another 2 to 3 years!
     
    tokyoice, Mar 3, 2018 IP
  16. JoeSpirit

    JoeSpirit Active Member

    Messages:
    483
    Likes Received:
    61
    Best Answers:
    3
    Trophy Points:
    53
    #16
    I think that's a wise position considering what I feel will happen to the values over that time. Especially during this year, I think bitcoin is going to climb more than it did last year. That remains to be seen but as we approach the point (2021 isn't it?) when the last coin gets mined the value should be pretty high because of the sudden unavailability.
     
    JoeSpirit, Mar 4, 2018 IP
  17. Hostforweb Inc

    Hostforweb Inc Member

    Messages:
    29
    Likes Received:
    1
    Best Answers:
    0
    Trophy Points:
    43
    #17
    You should not consider that assert. If you are working with concurrences you need to know they are just currencies and better to use them as payment option or related but not as an assert.
     
    Hostforweb Inc, Mar 5, 2018 IP
  18. JoeSpirit

    JoeSpirit Active Member

    Messages:
    483
    Likes Received:
    61
    Best Answers:
    3
    Trophy Points:
    53
    #18
    In the US the IRS has declared cryptocurrency as an asset. I clearly stated that in an earlier post.
     
    Last edited: Mar 5, 2018
    JoeSpirit, Mar 5, 2018 IP
  19. eldiablo

    eldiablo Active Member

    Messages:
    200
    Likes Received:
    6
    Best Answers:
    0
    Trophy Points:
    80
    #19
    Thank you for sharing :) I'll google it.

    I'm waiting now on PRL (Oyster) airdrop. It should be on 6th April of their coin that will not be available to be purchased only airdropped to current users. :) I'm excited about that!

    This is why I love project that I've said it's my favorite, guys just made design for physical DeepOnion coin
    [​IMG]

    It will be available to order in couple of days and first 100 orders will get as well 22k Gold Plated coin. :) I am excited about this as well, going to get few of these as soon as they are available. :)

    Regarding mining, right now I'm mining XSH (Shield) coin and still not buying/selling at this moment pretty much anything until market stabilizes.
     
    eldiablo, Mar 8, 2018 IP
  20. eldiablo

    eldiablo Active Member

    Messages:
    200
    Likes Received:
    6
    Best Answers:
    0
    Trophy Points:
    80
    #20
    Funny that you've mentioned ETH as it got back to $580ish level. BTC going down as well from what it looks like, some guys say this is start of second "W" drop and reversal is expected in upcoming period after one more drop. Perfect time to buy in?

    My other projects are doing well, although mining isn't so enthusiastic for anyone right now, lot's of people aren't so happy about it from what I can tell. Guys who have big farms and rigs seem to even out at the end of the day with this standing as it is right now.

    PRL kicked low and sort of standing up now, I'm thinking of getting a bit more of it. It's bottom now for alts, I'm not sure yet. POE is the one that I'm thinking of getting rid of, I thought it'll be huge, somehow I'm losing enthusiasm about it. DeepOnion is doing awesome, I'm using faucet from time to time (hey those are free coins!) and today was another awesome Airdrop of 292000 $Onions to all holders that meet really minimal criteria. Good project. I can't wait for 40 Airdrops to be finished and see how it plays out when it gets listed on bigger exchanges. :) Recently I've read a bit more about Neblio it's starting to get my attention as well. I'll think that one trough :)

    Interesting development alright:
    https://uk.reuters.com/article/us-g...-holds-fire-on-cryptocurrencies-idUKKBN1GU0SF
     
    Last edited by a moderator: Mar 23, 2018
    eldiablo, Mar 16, 2018 IP