Hi,
I'm joining because I want to get involved in this community. It intrigues me, but I literally have no idea what I'm doing. I have the Coinye Wallet and DogeCoin Wallet. I've been gathering coins through faucets, but I really want to figure out the whole mining aspect of cryptocurrency. I'm a real idiot, so any help is appreciated. Love the community here.
<3
Do Coinye and Doge coin have any new features compared to Bitcoin?
Absolutely none at all other than a gimmick. They're easier to mine and cheaper, but that's about it.
But why invest in them? There can't be that much money in it, right? If so, then everybody would join until nobody can profit anymore. On top of that it is most of the time exchanged for BTC anyway.
I think newbies should be very aware of the fact that most of the alt coins are pump and dump schemes. Only a few are really different and worth investing in.
There's money to be made if people are willing to mine and trade the coins. They're mined and then pumped and dumped then the miners move on to the next and then these newbs are left holding worthless coins. And newbies dont listen. They're naive and think that this new crapcoin will take them 'to the moon'. If you tell them it's a scam they and the devs will just say that you're jealous because you missed the train etc.
Nicely said, I agree.
There's money to be made if people are willing to mine and trade the coins. They're mined and then pumped and dumped then the miners move on to the next and then these newbs are left holding worthless coins. And newbies dont listen. They're naive and think that this new crapcoin will take them 'to the moon'. If you tell them it's a scam they and the devs will just say that you're jealous because you missed the train etc.
But it's not always like that, you can be lucky sometimes too. If you mine the right coin and sell soon enough, you can make profits with low hashrate too.
Yes, but that's comparable with playing poker. Few winners, lot of losers.
Well that's the gamble of any investments. I'd rather gamble with coins than at poker though. The smarter you are the more money you can make and the stupid lose out; it's not just a game of chance.