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The way I see it, is that you need to invest in altcoins who actually innovates either by making crypto easier to transact with (platform coins like: ARK, NEO, Ethereum, etc.) Or projects which builds on privacy, (XMR, DASH, Zcash)
The days are over for literal SHITCOINS with no purpose. You need to bring something to the table, like any real company (Just like the stock market basically).
The market needs to mature, and it's a long long process.
Personally I'm betting my money on Lightning Development for a couple of reasons:
Speed of transactions
Lower fees
A true gem, I've been eyeing is Stakenet (XSN) who's leading the development of Lightning with their upcoming Lightning DEX, and Lightning Multi Currency Wallet (With TOR integration for privacy).
I can see this project becoming really useful for transacting peer to peer, without the risk of getting your funds stolen in exchange hacks etc.
Also, no need for KYC, Registrations, or syncing up with their DEX.
Whatever you do, don't invest in projects with 0 to no development, and you should do fine once the market turns around
The days are over for literal SHITCOINS with no purpose. You need to bring something to the table, like any real company (Just like the stock market basically).
The market needs to mature, and it's a long long process.
Personally I'm betting my money on Lightning Development for a couple of reasons:
Speed of transactions
Lower fees
A true gem, I've been eyeing is Stakenet (XSN) who's leading the development of Lightning with their upcoming Lightning DEX, and Lightning Multi Currency Wallet (With TOR integration for privacy).
I can see this project becoming really useful for transacting peer to peer, without the risk of getting your funds stolen in exchange hacks etc.
Also, no need for KYC, Registrations, or syncing up with their DEX.
Whatever you do, don't invest in projects with 0 to no development, and you should do fine once the market turns around
Now, which altcoin has a real purpose in our lives? A few that seems beneficial to people like Musicoin have very little support. Paying the artiste directly everytime listeners listen their music.
Until these projects shows tangible purpose, I believe many potential new joiners tend to refrain from diving in.
The rest of us are hodlers as there's little movement in the altcoin market. We need that spark, even how artificial it is, to get prices up and ourselves out.
That's the sentiment of many holders today I guess. Forget the whatever white paper projects.
Small time miners are affected too esp those mining eth with increase difficulty and reduced rewards.
While I still believe in the crypto technology, I lost faith in the crypto financial institution like exchanges.
Once too often we read of hacking and stolen coins and price manipulation by "whales". Even ASIC manufacturers are in the act, like Bitmain, are using the machine for a few months before selling customer as brand new.
So where does this leaves the rest of us who invest using FIAT currency to crypto coins. We become the bloody fools who at the moment cannot sell but not enough $$$ to continue investing.
We don't want Policing but it's a bloody manipulation on prices out there.
Once too often we read of hacking and stolen coins and price manipulation by "whales". Even ASIC manufacturers are in the act, like Bitmain, are using the machine for a few months before selling customer as brand new.
So where does this leaves the rest of us who invest using FIAT currency to crypto coins. We become the bloody fools who at the moment cannot sell but not enough $$$ to continue investing.
We don't want Policing but it's a bloody manipulation on prices out there.
The moment we exchange our Fiat to token/coin is the start of our regrets.
We can kiss our cash goodbye. Many platform make it tedious to convert back to cash.
Only a small percentage actually profit enough to make it worthwhile.
We can kiss our cash goodbye. Many platform make it tedious to convert back to cash.
Only a small percentage actually profit enough to make it worthwhile.
⭐ Merited by TimeTeller (1)
Since last year prices dive, many scams also exited causing a double whammy to victims. As prices starts to pick up, expect another round of scamming to surface soon enough.
Below is and article about crypto scamming that occured previously. Only knowledge can prevent us from getting scammed.
Original article here: https://www.channelnewsasia.com/news/commentary/cryptocurrency-bitcoins-scams-crime-fraud-investors-lose-billion-11534842
Below is and article about crypto scamming that occured previously. Only knowledge can prevent us from getting scammed.
Original article here: https://www.channelnewsasia.com/news/commentary/cryptocurrency-bitcoins-scams-crime-fraud-investors-lose-billion-11534842
Quote
Commentary: How are investors still falling for cryptocurrency scams?
By Nir Kshetri, Channelnewsasia
One scam cryptocurrency founder defrauded investors billions by convincing others that their nonexistent cryptocurrency was real, Nir Kshetri at University of North Carolina-Greensboro points out.
GREENSBORO, North Carolina: Millions of cryptocurrency investors have been scammed out of massive sums of real money.
In 2018, losses from cryptocurrency-related crimes amounted to US$1.7 billion. The criminals use both old-fashioned and new-technology tactics to swindle their marks in schemes based on digital currencies exchanged through online databases called blockchains.
From researching blockchain, cryptocurrency and cybercrime, I can see that some cryptocurrency fraudsters rely on tried-and-true Ponzi schemes that use income from new participants to pay out returns to earlier investors.
Others use highly automatised and sophisticated processes, including automated software that interacts with Telegram, an internet-based instant-messaging system popular among people interested in cryptocurrencies.
Even when a cryptocurrency plan is legitimate, fraudsters can still manipulate its price in the marketplace.
An even more basic question arises, though: How are unsuspecting investors attracted to cryptocurrency frauds in the first place?
FAST-TALKING SWINDLERS
Some cryptocurrency fraudsters appeal to peoples greed, promising big returns. For example, an unknown group of entrepreneurs runs the scam bot iCenter, which is a Ponzi scheme for Bitcoin and Litecoin. It doesnt provide information on investment strategies, but somehow promises investors 1.2 per cent daily returns.
The iCenter scheme operates through a group chat on Telegram. It starts with a small group of scammers who are in on the racket. They get a referral code that they share with others, in blogs and on social media, hoping to get them to join the chat.
Once there, the newcomers see encouraging and exciting messages from the original scammers. Some newcomers decide to invest, at which point they are assigned an individual bitcoin wallet, into which they can deposit bitcoins. They agree to wait some period of time 99 or 120 days to receive a significant return.
During that time, the newcomers often use social media to share their own referral codes with friends and contacts, bringing more people into the group chat and into the investment scheme.
Theres no actual investment of the funds in any legitimate business. Instead, when new people join, the person who recruited them gets a percentage of the new funds, and the cycle continues, paying out to earlier participants from each round of newer investors.
Some members work especially hard to bring in new funds, posting tutorial videos and pictures of themselves holding large amounts of money as enticements to join the scam.
LIES AND MORE LIES
Some scammers go for straight-up deception. The founders of scam cryptocurrency OneCoin defrauded investors of US$3.8 billion by convincing people their nonexistent cryptocurrency was real.
Other scams are based on impressing potential victims with jargon or claims of specialised knowledge. The Global Trading scammers claimed they took advantage of price differences on various cryptocurrency exchanges to profit from what is called arbitrage simply buying cheaply and selling at higher prices. Really they just took investors money.
Global Trading used a bot on Telegram, too investors could send a balance inquiry message and get a response with false information about how much was in their account, sometimes even seeing balances climb by 1 per cent in an hour.
With returns looking like that, who could blame people for sharing the scheme with their friends and family on social media?
EXPLOITING FRIENDS AND FAMILY
Once a scheme has started, it stays alive at least for a while through social media. One person gets taken in by the promise of big returns on cryptocurrency investments and spreads the word to friends and family members.
Sometimes big names get involved. For instance, the kingpin behind GainBitcoin and other alleged scams in India convinced a number of Bollywood celebrities to promote his book Cryptocurrency For Beginners.
He even tried to make himself a bit of a celebrity, proclaiming himself a cryptocurrency guru, as he led efforts that cost investors between US$769 million and US$2 billion.
Not all the celebrities know theyre involved. In one blog post, iCenter featured a video that purported to be an endorsement by Dwayne The Rock Johnson, holding a sign featuring iCenters logo. Videos of Justin Timberlake and Christopher Walken were deceptively edited so they appeared to praise iCenter, too.
FRAUDULENT INITIAL COIN OFFERINGS
Another popular scam technique is called an initial coin offering. A potentially legitimate investment opportunity, an initial coin offering essentially is a way for a startup cryptocurrency company to raise money from its future users: In exchange for sending active cryptocurrencies like bitcoin and ethereum, customers are promised a discount on the new cryptocoins.
Many initial coin offerings have turned out to be scams, with organisers engaging in cunning plots, even renting fake offices and creating fancy-looking marketing materials.
In 2017, a lot of hype and media coverage about cryptocurrencies fed a huge wave of initial coin offering fraud. In 2018, about 1,000 initial coin offering efforts collapsed, costing backers at least US$100 million.
Many of these projects had no original ideas more than 15 per cent of them had copied ideas from other cryptocurrency efforts, or even plagiarised supporting documentation.
Investors looking for returns in a new technology sector are still interested in blockchains and cryptocurrencies but should beware that they are complex systems that are new even to those who are selling them. Newcomers and relative experts alike have fallen prey to scams.
In an environment like the current cryptocurrency market, potential investors should be very careful to research what theyre putting their money into and be sure to find out who is involved as well as what the actual plan is for making real money without defrauding others.
Nir Kshetri is professor of management at University of North Carolina-Greensboro. This commentary first appeared on The Conversation.
Source: CNA/nr
By Nir Kshetri, Channelnewsasia
One scam cryptocurrency founder defrauded investors billions by convincing others that their nonexistent cryptocurrency was real, Nir Kshetri at University of North Carolina-Greensboro points out.
GREENSBORO, North Carolina: Millions of cryptocurrency investors have been scammed out of massive sums of real money.
In 2018, losses from cryptocurrency-related crimes amounted to US$1.7 billion. The criminals use both old-fashioned and new-technology tactics to swindle their marks in schemes based on digital currencies exchanged through online databases called blockchains.
From researching blockchain, cryptocurrency and cybercrime, I can see that some cryptocurrency fraudsters rely on tried-and-true Ponzi schemes that use income from new participants to pay out returns to earlier investors.
Others use highly automatised and sophisticated processes, including automated software that interacts with Telegram, an internet-based instant-messaging system popular among people interested in cryptocurrencies.
Even when a cryptocurrency plan is legitimate, fraudsters can still manipulate its price in the marketplace.
An even more basic question arises, though: How are unsuspecting investors attracted to cryptocurrency frauds in the first place?
FAST-TALKING SWINDLERS
Some cryptocurrency fraudsters appeal to peoples greed, promising big returns. For example, an unknown group of entrepreneurs runs the scam bot iCenter, which is a Ponzi scheme for Bitcoin and Litecoin. It doesnt provide information on investment strategies, but somehow promises investors 1.2 per cent daily returns.
The iCenter scheme operates through a group chat on Telegram. It starts with a small group of scammers who are in on the racket. They get a referral code that they share with others, in blogs and on social media, hoping to get them to join the chat.
Once there, the newcomers see encouraging and exciting messages from the original scammers. Some newcomers decide to invest, at which point they are assigned an individual bitcoin wallet, into which they can deposit bitcoins. They agree to wait some period of time 99 or 120 days to receive a significant return.
During that time, the newcomers often use social media to share their own referral codes with friends and contacts, bringing more people into the group chat and into the investment scheme.
Theres no actual investment of the funds in any legitimate business. Instead, when new people join, the person who recruited them gets a percentage of the new funds, and the cycle continues, paying out to earlier participants from each round of newer investors.
Some members work especially hard to bring in new funds, posting tutorial videos and pictures of themselves holding large amounts of money as enticements to join the scam.
LIES AND MORE LIES
Some scammers go for straight-up deception. The founders of scam cryptocurrency OneCoin defrauded investors of US$3.8 billion by convincing people their nonexistent cryptocurrency was real.
Other scams are based on impressing potential victims with jargon or claims of specialised knowledge. The Global Trading scammers claimed they took advantage of price differences on various cryptocurrency exchanges to profit from what is called arbitrage simply buying cheaply and selling at higher prices. Really they just took investors money.
Global Trading used a bot on Telegram, too investors could send a balance inquiry message and get a response with false information about how much was in their account, sometimes even seeing balances climb by 1 per cent in an hour.
With returns looking like that, who could blame people for sharing the scheme with their friends and family on social media?
EXPLOITING FRIENDS AND FAMILY
Once a scheme has started, it stays alive at least for a while through social media. One person gets taken in by the promise of big returns on cryptocurrency investments and spreads the word to friends and family members.
Sometimes big names get involved. For instance, the kingpin behind GainBitcoin and other alleged scams in India convinced a number of Bollywood celebrities to promote his book Cryptocurrency For Beginners.
He even tried to make himself a bit of a celebrity, proclaiming himself a cryptocurrency guru, as he led efforts that cost investors between US$769 million and US$2 billion.
Not all the celebrities know theyre involved. In one blog post, iCenter featured a video that purported to be an endorsement by Dwayne The Rock Johnson, holding a sign featuring iCenters logo. Videos of Justin Timberlake and Christopher Walken were deceptively edited so they appeared to praise iCenter, too.
FRAUDULENT INITIAL COIN OFFERINGS
Another popular scam technique is called an initial coin offering. A potentially legitimate investment opportunity, an initial coin offering essentially is a way for a startup cryptocurrency company to raise money from its future users: In exchange for sending active cryptocurrencies like bitcoin and ethereum, customers are promised a discount on the new cryptocoins.
Many initial coin offerings have turned out to be scams, with organisers engaging in cunning plots, even renting fake offices and creating fancy-looking marketing materials.
In 2017, a lot of hype and media coverage about cryptocurrencies fed a huge wave of initial coin offering fraud. In 2018, about 1,000 initial coin offering efforts collapsed, costing backers at least US$100 million.
Many of these projects had no original ideas more than 15 per cent of them had copied ideas from other cryptocurrency efforts, or even plagiarised supporting documentation.
Investors looking for returns in a new technology sector are still interested in blockchains and cryptocurrencies but should beware that they are complex systems that are new even to those who are selling them. Newcomers and relative experts alike have fallen prey to scams.
In an environment like the current cryptocurrency market, potential investors should be very careful to research what theyre putting their money into and be sure to find out who is involved as well as what the actual plan is for making real money without defrauding others.
Nir Kshetri is professor of management at University of North Carolina-Greensboro. This commentary first appeared on The Conversation.
Source: CNA/nr
Kudos to gpu miners who are still mining. I have stop my mining rig and buying eth instead as I'm making about 0.5eth/mth only and based on current price, I'm spending about 1eth/mth on electricity.
So, instead of paying my Electric Co, I'm buying eth direct. Might buy more if price dip further. Will definite restart mining if price goes up.
So, instead of paying my Electric Co, I'm buying eth direct. Might buy more if price dip further. Will definite restart mining if price goes up.
On such companies you can earn only if you learn about it in the first 2-3 days. Then there is a very high risk that you just do not take even your contribution, not to mention income. So you have to be very careful with these projects.
Like Thanos in Marvels, in a SNAP!, they can just disappear. And nothing u can do to get back ur investment.It's a bloody scam. I knew but just play along. I put 0.01eth, the min.
When joining, their admins emilia and nikolaj are very friendly and helpful. Once invested, I didn't see my daily 2% return.
Questioned them at their telegram group and didn't get a straight answer. Even they start gang up and insinuate me as if I'm stupid.
They even mentioned it's a game. No it's not. Until today I still yet to receive any 2% from them.
Even when you go to etherscan.io and key in their smart contract address, there is big warning that it is a ponzi like address.
Be careful guys.
When joining, their admins emilia and nikolaj are very friendly and helpful. Once invested, I didn't see my daily 2% return.
Questioned them at their telegram group and didn't get a straight answer. Even they start gang up and insinuate me as if I'm stupid.
They even mentioned it's a game. No it's not. Until today I still yet to receive any 2% from them.
Even when you go to etherscan.io and key in their smart contract address, there is big warning that it is a ponzi like address.
Be careful guys.
I'm not advocating or promoting u guys to invest a small portion of what u are hodling in smart contracts.
I know most sounds like a Ponzi scheme and u need to really know like anything the risk involve.
But that's what I'm doing while my rig is hibernating. At least I'm still earning eth.
I know most sounds like a Ponzi scheme and u need to really know like anything the risk involve.
But that's what I'm doing while my rig is hibernating. At least I'm still earning eth.
For what's it worth, GPU mining is not dead. But I just switch off my rig because I'm barely earning eth after paying for electricity.
I'm now investing my eth in smart contracts that is earning as much as if I own a rig that hashes at 700mh minus the electricity.
My rig does only 240mh.
I'm now investing my eth in smart contracts that is earning as much as if I own a rig that hashes at 700mh minus the electricity.
My rig does only 240mh.
EOS Classic devs are leaving miners high dry. WTH.
From their tweet:
"Miners! We are closing this project due to coin name conflict with EOSIO and EOS Force, EOS Classic ERC20 token project"
My myetherwallet now not showing any EOSC coins. All linked or participating pool servers have stop EOSC mining. EOSC official site and links are non existent. The only link still alive is this https://twitter.com/eosclassicio?lang=en
Bloody scam.
It only serve to remind us many of these coins show off impressive whitepaper but are actually shitcoins.
Anyone else mining EOSC recently?
From their tweet:
"Miners! We are closing this project due to coin name conflict with EOSIO and EOS Force, EOS Classic ERC20 token project"
My myetherwallet now not showing any EOSC coins. All linked or participating pool servers have stop EOSC mining. EOSC official site and links are non existent. The only link still alive is this https://twitter.com/eosclassicio?lang=en
Bloody scam.
It only serve to remind us many of these coins show off impressive whitepaper but are actually shitcoins.
Anyone else mining EOSC recently?
WTF, just saw on their twitter channel :
"Miners! We are closing this project due to coin name conflict with EOSIO and EOS Force, EOS Classic ERC20 token project"
Myetherwallet not showing up any EOSC. Are we being scammed? WTH..........
I open topic hear https://bitcointalk.org/index.php?topic=5052854.0
"Miners! We are closing this project due to coin name conflict with EOSIO and EOS Force, EOS Classic ERC20 token project"
Myetherwallet not showing up any EOSC. Are we being scammed? WTH..........
I open topic hear https://bitcointalk.org/index.php?topic=5052854.0
Re: Claymore's Dual Ethereum AMD+NVIDIA GPU Miner v11.9 (Windows/Linux)
Here's yet another nail in the coffin for us GPU Ethereum miners, another Ethash ASIC miner on the horizon...sometime soon.
"Dubbed Project Lavasnow, Linzhi's new ethereum miner claims to use 1/8th the amount of electricity as Bitmain's ethash miners,
according to a presentation Chen developed for the Ethereum Classic Summit held this week. It also expects to run 1,400 million
hashes per second, compared to 190 from one of Bitmain's AntMiners."
https://www.coindesk.com/a-new-line-of-powerful-asic-miners-is-coming-to-ethereum/
"Dubbed Project Lavasnow, Linzhi's new ethereum miner claims to use 1/8th the amount of electricity as Bitmain's ethash miners,
according to a presentation Chen developed for the Ethereum Classic Summit held this week. It also expects to run 1,400 million
hashes per second, compared to 190 from one of Bitmain's AntMiners."
https://www.coindesk.com/a-new-line-of-powerful-asic-miners-is-coming-to-ethereum/
Ethereum DEVs MUST protect GPU Miners or we will be forced to mine other algo coins. Of course, people like Vitalik will still continue to earn millions and could care less..
At the point of this post ETH price is rising. I would not read too much on it as like previously, it's going through another round of pump and dump.
Some rich individuals/group are continually getting lots of profit from buying ETH when it was below $200 days ago and within a couple of hours/days will dump for a handsome profit. And continue this cycle until dunno when.
I'm just gonna mine and hodl/accumulate my coins.
Some rich individuals/group are continually getting lots of profit from buying ETH when it was below $200 days ago and within a couple of hours/days will dump for a handsome profit. And continue this cycle until dunno when.
I'm just gonna mine and hodl/accumulate my coins.
Crypto is dead if all miners pulls the plug. Investors, especially the ones with deep pocket are killing the blockchain industry. Pump and dump strategy while the small miners continues to mine and HODL.
Investors are wolves. They care less about the whole blockchain basic purpose.
Devs really need to wake up and protect their miners because if every single miner pulls the plug, these coins will have a hard time/grind to a halt and/or becomes useless.
Buying a coin without an active mining community is like buying snake oil. No transaction will happen without miners.
So Devs really needs to protect their miners. Wake UP Devs!!! I'm talking to you Vitalik!
Investors are wolves. They care less about the whole blockchain basic purpose.
Devs really need to wake up and protect their miners because if every single miner pulls the plug, these coins will have a hard time/grind to a halt and/or becomes useless.
Buying a coin without an active mining community is like buying snake oil. No transaction will happen without miners.
So Devs really needs to protect their miners. Wake UP Devs!!! I'm talking to you Vitalik!
Crypto is dead if all miners pulls the plug. Investors with deep pocket is killing it.
Investors are wolves. They care less about the whole blockchain basic purpose.
Devs really need to wake up and protect their miners because if every single miner pulls the plug, these coins will have a hard time/grind to a halt and/or becomes useless.
Buying a coin without an active mining community is like buying snake oil. No transaction will happen without miners.
So Devs really to protect their miners. Wake UP Devs!!! I'm talking to you Vitalik!
Investors are wolves. They care less about the whole blockchain basic purpose.
Devs really need to wake up and protect their miners because if every single miner pulls the plug, these coins will have a hard time/grind to a halt and/or becomes useless.
Buying a coin without an active mining community is like buying snake oil. No transaction will happen without miners.
So Devs really to protect their miners. Wake UP Devs!!! I'm talking to you Vitalik!
Investors are wolves. They care less about the whole blockchain basic purpose.
Devs really need to wake up and protect their miners because if every single miner pulls the plug, these coins will have a hard time/grind to a halt and/or becomes useless.
Buying a coin without an active mining community is like buying snake oil. No transaction will happen without miners.
So Devs really to protect their miners. Wake Devs!!!
Devs really need to wake up and protect their miners because if every single miner pulls the plug, these coins will have a hard time/grind to a halt and/or becomes useless.
Buying a coin without an active mining community is like buying snake oil. No transaction will happen without miners.
So Devs really to protect their miners. Wake Devs!!!
Investors are wolves. They care less about the whole blockchain basic purpose.
Devs really need to wake up and protect their miners because if every single miner pulls the plug, these coins will have a hard time/grind to a halt and/or becomes useless.
Buying a coin without an active mining community is like buying snake oil. No transaction will happen without miners.
So Devs really to protect their miners. Wake Devs!!!
Devs really need to wake up and protect their miners because if every single miner pulls the plug, these coins will have a hard time/grind to a halt and/or becomes useless.
Buying a coin without an active mining community is like buying snake oil. No transaction will happen without miners.
So Devs really to protect their miners. Wake Devs!!!
~
I think that OP is desperately hoping for a change in the future's price. No matter how think about it his reasoning really is wrong but I still somehow likes how he would love to support the chain by mining.
Mining at a loss can be a great option if you have the ability to pay your electricity bills without cashing out. A lot of people mined bitcoin when it was unprofitable and they came out millionaires. Plus right now is a great time to pick up miners extremely cheap.
You can't just depend on your luck. You are both wasting time and money doing something that can't guarantee you a profit. "bitcoin moon price" always provide false hope to users.
I like more people to stop mining so that miners who are mining at a loss now have lower mining difficulty.