Bitcoin...how much do you have?

[shortstopguy12]

I'm waiting to some Blockchains ETF's to come out.. Currently invested in HIVE

[Onions]

Have any of you tried "mining" Bitcoin?

I bought an older mining machine (Antminer S7) about a month ago and have it set up in the garage. Its mined about $350 in bitcoin in the few weeks I'ved had it running. Its been fun to play around with. I've sold some bitcoin on the exchanges and moved it into other altcoins mainly to get the feel for the way transactions work. I hold small amounts of BTC, ETH, DGB, and SIA coins. Learning as I go for sure.

I should have just purchased the most current miner instead, but didnt feel like laying $3k out on ebay for one, nor waiting several months for one from the manufacturer. Now those same machines sell for $5k+.

[chansen10]

Originally Posted by possom813

My questions, where do you gain insight as to which one's may or may not have 'moon' potential?

I've been watching XRP since it was a quarter and regret not buying in then, as of now it's at 1.69.

I want to start investing in alt coins, but I'm still wary of everything and how it works. I have yet to find the info on 'how-to' without it trailing off into stuff I don't understand.

I read several articles about why a USB stick is a great wallet, then found one that shot it down completely and was written in a way that made a lot more sense than those that were saying it was good.

Now I'm looking at either Trezor or Keepkey, I like what I've read about the keepkey and how it works.

I've set up an account on coinbase, but I plan to open another bank account just for the alt coin stuff so it's not tied in with our regular accounts. I've just been lazy about going to the bank to do it.


And then there are the exchanges, so many, and so many that are stealing people's coins, at least reading on the reviews that the way it seems

For every person that says bittrex is a scam, 5 more say it's great.

So yeah, still on the fence. I want to invest a couple thousand into it, but I need to know more about how it works and I can't find the info in layman's terms.

I follow a lot of smart crypto people on Twitter and when I mean smart I mean there’s a few guys literally detailing xyz of a lot of Alts so if they say something I generally go and take a look at the project. I’m also always looking at market cap and supply. XRP is a #@#@#@#@ coin quite literally imo.

[jcardstore]

Originally Posted by Onions

Have any of you tried "mining" Bitcoin?

I bought an older mining machine (Antminer S7) about a month ago and have it set up in the garage. Its mined about $350 in bitcoin in the few weeks I'ved had it running. Its been fun to play around with. I've sold some bitcoin on the exchanges and moved it into other altcoins mainly to get the feel for the way transactions work. I hold small amounts of BTC, ETH, DGB, and SIA coins. Learning as I go for sure.

I should have just purchased the most current miner instead, but didnt feel like laying $3k out on ebay for one, nor waiting several months for one from the manufacturer. Now those same machines sell for $5k+.

Mining is no longer worth the money you pay for the miner because the hash rate on the network is so high.

My buddy and I were mining back in 2013-2014 and made quite a bit of money but now you'll be lucky to make back your investment in the miner.

What people don't realize is the cost of power. If you bought an S7 you'll never make your money back no matter how long it's running unless bitcoins price starts spiking again. You've probably paid $100 worth of electricity alone. Idk what you're paying per KWh but if you're paying say .12 which is the US average and running it 24 hours at 1200 watts you've paid over $105/month so you've pretty much made nothing.

[rednecksims]

Anyone have any idea how long it takes to get approved for tier 2 on Kracken?

[Ewing8888]

I've been using GDAX which links Coinbase. The mining fees are practically free and their network is much faster than Coinbase.

[kaushikentucky]

I'm a big proponent of Cryptocurrency. For a lot of the people on here saying everything is garbage.....I can't wait!

Bitcoin is just the name brand, the coins behind it have a chance to do things in business that will ultimately be safer and have endless reach. Blockchain Technology is being adopted by many banks a la Ripple.

I do data analytics for a living, and the smart contracts in some of the other coins like Ethereum, has a chance on the supply chain side to be revolutionary.

Just my two cents, but if you are looking at the price of BTC and understanding it's a bubble you really are only going to see it that way. Start paying attention to the trends, how can you transfer money "borderless", do young people like holding "cash" bills, if it wasn't a big deal, why is the IRS wanting to charge on capital gains tax now?

Shouldn't they charge us for flipping cards as a commodity and making gains too? There's a reason Amazon bought cryptocurrency names recently. It's about reaching the people that don't have a computer, but a smartphone. There are a ton of those people in the world.

[calculusdork]

Ok, I'll bite. Been reading this thread for weeks.

What is the best way for me to invest in block chain technologies?

[Onions]

Originally Posted by jcardstore

Mining is no longer worth the money you pay for the miner because the hash rate on the network is so high.

My buddy and I were mining back in 2013-2014 and made quite a bit of money but now you'll be lucky to make back your investment in the miner.

What people don't realize is the cost of power. If you bought an S7 you'll never make your money back no matter how long it's running unless bitcoins price starts spiking again. You've probably paid $100 worth of electricity alone. Idk what you're paying per KWh but if you're paying say .12 which is the US average and running it 24 hours at 1200 watts you've paid over $105/month so you've pretty much made nothing.

Yeah, it's definitely not a get rich quick thing. Not as dire as you describe either.

I have $700 into the miner. Could sell it today for $1400-$1500 on ebay. Have also made almost half of the cost of the miner back in less than a month (not considering power cost). I was aided by high bitcoin value at the time I first fired up the machine. I was getting $20/day for the first week and a half. Now only $13/day.

I live in North Dakota, my power cost is 9.9 cents/kwh. The S7 costs around $3/day to run. So $90-100/month to keep it running. I also heat my garage in the winter months, but don't need to have the heater going with my little s7 acting as a 1.5kw garage heater. Keeps it warm when the temperature is above zero. It was almost -30 last night. It was pretty cool in the garage this morning! Not running my garage heater saves me $60-$70/month. So, net cost for me to run during winter months is only $20-$30. Summer is obviously a different story.

Long story short, if it runs for 3 months at close to current BTC prices, It will have made me some money.

[rednecksims]

Only issue is when tech countries like South Korea will not allow it then you have a problem. The issue is no regulation. Until there is regulation on the market it is a bubble. There are some regulated crypto currencies that do show promise. If your looking for a short flip within a year bitcoin is what you want. If you want to get into it long term as of now it is not what you want to get into.

Originally Posted by kaushikentucky

I'm a big proponent of Cryptocurrency. For a lot of the people on here saying everything is garbage.....I can't wait!

Bitcoin is just the name brand, the coins behind it have a chance to do things in business that will ultimately be safer and have endless reach. Blockchain Technology is being adopted by many banks a la Ripple.

I do data analytics for a living, and the smart contracts in some of the other coins like Ethereum, has a chance on the supply chain side to be revolutionary.

Just my two cents, but if you are looking at the price of BTC and understanding it's a bubble you really are only going to see it that way. Start paying attention to the trends, how can you transfer money "borderless", do young people like holding "cash" bills, if it wasn't a big deal, why is the IRS wanting to charge on capital gains tax now?

Shouldn't they charge us for flipping cards as a commodity and making gains too? There's a reason Amazon bought cryptocurrency names recently. It's about reaching the people that don't have a computer, but a smartphone. There are a ton of those people in the world.

[SethMurphy]

Is buying into XRP worth it, I have been watching it on Kraken, thinking about signing up there and making a purchase? I am not a stock market guy, I have no investments now, but it seems like a smaller risk to get in on something trading around $2 per share if there is even potential for it to grow like some of the other currencies have.

Just looking for input, maybe good sites to be signing up with

[rednecksims]

Originally Posted by SethMurphy

Is buying into XRP worth it, I have been watching it on Kraken, thinking about signing up there and making a purchase? I am not a stock market guy, I have no investments now, but it seems like a smaller risk to get in on something trading around $2 per share if there is even potential for it to grow like some of the other currencies have.

Just looking for input, maybe good sites to be signing up with

At under $1.75 is a decent buy for the probability of its success. I wouldn’t dump my life savings into it but what you can afford to lose it’s a good bet.

[CoolG]

Stellar Lumens/XLM

[SethMurphy]

Originally Posted by rednecksims

At under $1.75 is a decent buy for the probability of its success. I wouldn’t dump my life savings into it but what you can afford to lose it’s a good bet.

Thank you. Are there better sites out there? I've been looking at Kraken & Bitstamp right now

[rednecksims]

Originally Posted by SethMurphy

Thank you. Are there better sites out there? I've been looking at Kraken & Bitstamp right now

I’ve done mostly research and just now investing myself. I’m trying to get tier 2 approved on Kracken myself and it’s been a couple days.

[smanzari]

Originally Posted by SethMurphy

Thank you. Are there better sites out there? I've been looking at Kraken & Bitstamp right now

For most of my "immediate buy" transactions, I take the gamble and use CoinBase then transfer it to Binance or other Exchange or a MyEtherWallet to use on EtherDelta. If I am just buying BTC or ETH, I use Gemini.

If I cashout any coin, I do through Gemini.

[vtgmsc]

I'm at 5.0 Litecoins on Coinbase. Pretty fun and addicting I must admit!

Peace, Mike

[SethMurphy]

I'm noticing a lot of sites don't trade XRP though, Coinbase doesn't have that, just BTC/ETH/LTC it looks like, what sites for XRP are suggested

[rednecksims]

Originally Posted by SethMurphy

I'm noticing a lot of sites don't trade XRP though, Coinbase doesn't have that, just BTC/ETH/LTC it looks like, what sites for XRP are suggested

From what I’ve read Kracken is the best site that currently has it.

[SethMurphy]

Originally Posted by rednecksims

From what I’ve read Kracken is the best site that currently has it.

Cool, I have to await verification before I can purchase on there though

[LOTSOS]

Originally Posted by SethMurphy

Cool, I have to await verification before I can purchase on there though

Don’t hold your breath. Easiest / Fastest way is to buy BTC on Coinbase send it to a wallet on a platform that doesn’t require authentic to trade like Gatehub. Trade for XRP there. If in for the long haul get a Ledger Nano S and store it there. That’s what I did. Not pumping Gatehub as the interface wasn’t great but I wanted to get it fast about 10 days ago. Glad I did.

Kevin

[chansen10]

Don’t buy XRP. It looks like a good buy because of price and it’s hot right now but it’s literally the exact opposite of the fundamentals that crypto was created on. Secondly. A bank only needs to hold 20 XRP to use the ripple network so... whose buying up all the ripple? Super super bearish on XRP save your money and invest in XRB

[LOTSOS]

First so that everyone who reads my posts can put it into the proper perspective realative to their own knowledge, I will very readily admit that I have next to zero knowledge of the market. While I did read quite a bit both for and against xrp before I bought I have no formal financial education. Obviously even though I bought I can respect your bearish opinion even if I don’t share it.

About a month ago I bought some Crypto (BTC/ETH/LTC) and hit a win with LTC bailed slightly after the peak and at that point began to read as much as I can. I’ve since completely bailed on BTC and took my profits from LTC and a wash from BTC and threw my profits at XRP. I do hold a couple of ETH. So for me it’s all house money. I’m whole after my initial buy in.

I’m confused by your logic of a bank only needing to buy 20 xrp to use the network. You only need to buy the quantity of currency needed to complete any transaction. Regardless of which you chose. Sure you have the 20 xrp min to open a wallet but if you want to conduct $100m worth of business on the any network you’d need the equivalent of $100m on that network be it LTC, BTC, xrp......etc.

Kevin


Please excuse typo and grammar done on my phone while the kids are eating their DQ.

[rednecksims]

Originally Posted by LOTSOS

First so that everyone who reads my posts can put it into the proper perspective realative to their own knowledge, I will very readily admit that I have next to zero knowledge of the market. While I did read quite a bit both for and against xrp before I bought I have no formal financial education. Obviously even though I bought I can respect your bearish opinion even if I don’t share it.

About a month ago I bought some Crypto (BTC/ETH/LTC) and hit a win with LTC bailed slightly after the peak and at that point began to read as much as I can. I’ve since completely bailed on BTC and took my profits from LTC and a wash from BTC and threw my profits at XRP. I do hold a couple of ETH. So for me it’s all house money. I’m whole after my initial buy in.

I’m confused by your logic of a bank only needing to buy 20 xrp to use the network. You only need to buy the quantity of currency needed to complete any transaction. Regardless of which you chose. Sure you have the 20 xrp min to open a wallet but if you want to conduct $100m worth of business on the any network you’d need the equivalent of $100m on that network be it LTC, BTC, xrp......etc.

Kevin


Please excuse typo and grammar done on my phone while the kids are eating their DQ.

Following because I was understanding the same thing, not 20.

[shortstopguy12]

Originally Posted by calculusdork

Ok, I'll bite. Been reading this thread for weeks.

What is the best way for me to invest in block chain technologies?

There is apparently a Blockchain ETF coming out soon, it for now you can pick individual Blockchain stocks. I picked Canadian company Hive, however, I suggest you do your own research and test your own comfort levels