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Showing 8 of 8 results by BrendonM
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Topic
Board Service Discussion
Topic OP
Thoughts on Cointellect and Bifinex?
by
BrendonM
on 21/10/2014, 19:15:59 UTC
I am looking for ways to passively earn crypto, faucets are nice for building up some SAT for gambling, but are otherwise not really worth the time, and I don't have the money to just buy and sit on a certain amount, no-regerets style.  I have heard that cointellect allows you to mine off a laptop, and that bifinex allows you to invest, with returns over time.  I would normally have jumped right in, but after shelling out large amounts on CEX.io vouchers and then finally selling them back at a loss, I realized that I shouldn't be making the mistake of believing a too-good-to-be-true sounding offer.

What are people's opinions of these services?  I don't know enough about the established economy, let alone the relatively new crypto-economy to make an expert assessment on my own.
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Topic
Board Altcoin Discussion
Topic OP
Are my ~6 billion CENT coins worth anything?
by
BrendonM
on 25/09/2014, 03:29:34 UTC
Bought em a while back for $10 or so, have had a hard time finding much info on them. 

If anyone knows much about these, please let me know, especially if I can find vendors who take them.
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Topic
Board Service Discussion
Topic OP
Looking for opinions on Hashprofit.com
by
BrendonM
on 14/09/2014, 00:52:39 UTC
Hi everyone, I received a free 1 week trial at https://hashprofit.com, and so far it has made me 0.06700BTC with 3 days to go.  This is dramatically better than CEX.io which plunders a good half your earnings with their BS maintenance fees.  I am curious to know if anyone thinks sinking a small amount of money into this site has any chance of being worth the investment.

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Topic
Board Service Discussion
Re: Question regarding various cloud mining services
by
BrendonM
on 03/09/2014, 07:09:34 UTC
As noted above if you see mining in MH/s it's using the scrypt algorithm (like LTC/Doge).  If you see something mining in GH/s or TH/s it's SHA-256 (like Bitcoin).

Please read this before investing any further into cloud mining:
https://bitcointalk.org/index.php?topic=739510.0

My advice, and this is just my opinion, sell your hash on cex.io, cash out the bitcoin, buy some more bitcoin on an exchange, and move it all to a cold wallet.

If you want to make money - do it the old fashioned way.  Learn to provide a service that can be reimbursed in BTC.

Is mining generally unprofitable because after a certain amount of time the difficulty makes profit impossible?  Or is it simply inherent to the nature of mining itself?

2 basic ways to get Bitcoin
-Buy it with cash
-Mine it with hardware

For most of us we only consider mining profitable if you can mine more than you could buy with the cash.  If you can buy 10BTC with $100 for example why by a miner for $100 that could only mine 6BTC - that wouldn't make sense.

With cloud mining - you have to spend either cash or BTC to buy hashing power.  As it stands no company looks like it will return more to you in BTC than your initial outlay - hence it's a losing proposition.  Yes the difficulty is part of it, but that would be there whether owning the miner or having it in a cloud.  The cloud part just makes the hardware 2 to 3x more expensive since you don't have to "get your hands dirty" so to speak.

Hmm, well I guess I should sell my GH/s on eBay, I always bought them below average price, so if I break even or recoup most of the costs I'll be happy.  I read your large cautionary post and was glad to see I wasn't the only one who thought the maintenance fees were unjustifiable extrotion (three times in a row the maintenance was greater than the gains from the block). 

You seem to be the most knowledgable on the subject so I would like to ask - is there anyway conceivable way to passively invest in BTC without getting screwed?  I like to make my money work for me rather than work for it, hence the draw towards cloud mining.  Is there a way to invest in BTC where something equivalent to the interest we see in banking/the stock market is possible?
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Topic
Board Service Discussion
Re: Question regarding various cloud mining services
by
BrendonM
on 03/09/2014, 06:52:24 UTC
As noted above if you see mining in MH/s it's using the scrypt algorithm (like LTC/Doge).  If you see something mining in GH/s or TH/s it's SHA-256 (like Bitcoin).

Please read this before investing any further into cloud mining:
https://bitcointalk.org/index.php?topic=739510.0

My advice, and this is just my opinion, sell your hash on cex.io, cash out the bitcoin, buy some more bitcoin on an exchange, and move it all to a cold wallet.

If you want to make money - do it the old fashioned way.  Learn to provide a service that can be reimbursed in BTC.

Is mining generally unprofitable because after a certain amount of time the difficulty makes profit impossible?  Or is it simply inherent to the nature of mining itself?
Post
Topic
Board Service Discussion
Topic OP
Question regarding various cloud mining services
by
BrendonM
on 03/09/2014, 06:23:55 UTC
I have purchased about 60GH/s on CEX.io, and in my search for other sites that don't bend you over and screw you with maintenance costs, I found other sites like GAWminers.  For a few dollars on eBay, I can buy 1-2GH/s of lifetime CEX.io mining, wherease on GAWminers and some of the others, you are looking at numbers such as $40 for 1MH/s.

At face value it looks like you can buy 1000x the mining capacity for a fraction of the price, but I am assuming the situation is more complicated than that.

How do we explain the discrepancy in cost per unit of mining rate?
Post
Topic
Board Mining speculation
Re: New to cryptos - looking for opinions on lifetime cloud vouchers
by
BrendonM
on 31/08/2014, 19:59:34 UTC
But cloud mining is does not support decentralization.  It forces hashes into massive farms that get digitally sold out but the farm owner could always lend themselves to a 51% attack.  Cloud mining is only good for miner employment.  That's my view - tell me if you agree.



If I was to spread out my cloud mining across some smaller up-and-coming sites, even if it didn't make a fast and easy profit, would it help the decentralization process?
Post
Topic
Board Mining speculation
Topic OP
New to cryptos - looking for opinions on lifetime cloud vouchers
by
BrendonM
on 31/08/2014, 06:24:40 UTC
Hi everyone, my introduction to cryptos started with Doge, I bought some online thinking it would go up in value as the market grew and more merchants accepted it- it did, then it dipped back down not much later.  Once I realized that there were other, non-novelty cryptos out there I found this site (http://coinmarketcap.com/).  I was overwhelmed by how many there were, but from my limited research most of them looked pointless (my Fedoracoin wallet wont even update blocks  Huh).  I took a primary interest in Bitcoin because it had the largest market and was the most well established (and was worth a whopping $500).  I read a few articles which made it clear that since I showed up a little late for the show, my computer was now worthless for mining.  When I looked up bitcoin on ebay to buy some straight up I instead found these lifetime mining vouchers where other people sell you part of the power of their machines.  Without doing any research I bought ~32 GH/s and a 200GH/s 24 hour contract for probably $50 in total.  Its been a day and I've made ~0.004 BTC (2 whopping dollars).  The contract turned a negative of 3$, and the lifetime vouchers have only made me about 50 cents so far (I was slowly buying the vouchers over the last day so I only hit 32GH/s in the last few hours). 

Before I get in too deep I wanted to get the input of more seasoned crypto-collectors.  Buying mining capacity seems sort of like acquiring stocks in the crypto stock market, and at Cex.io I also get other forms of currency (Doge, Litecoin, Namecoin, and some others I know nothing about), maybe if I invest in some of these up-and-comers I can forgive myself for not calling Bitcoin a waste of time ~4 years ago.

What are your thoughts on these vouchers?  I have a rule of not paying more than $2(USD) per GH/s, but enough small payments can add up fast, and at 50c a day my break-even time is gonna increase pretty quickly.  What does the future of mining look like?  Are we soon approaching the time when mining becomes a lottery game?