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Title: Beginner wants some feedback! Post by: JohnPap204 on August 25, 2015, 09:35:37 PM Hello everybody,
I made an account because I would like some opinions on Bitcoin and if I sould invest in it or in other cryptocurrencies. I can invest enough money (up to 5k) in equipment or cloud mining. Mind that my country has pretty high electricity cost thus buying my own machines is not going to be any proffitable. Should I try cloud mining and if so, which company do you sugget? Or maybe I just shouldn't invest in Bitcoin at all? ??? I'd really appreciate your feedback, John Title: Re: Beginner wants some feedback! Post by: Restored on August 25, 2015, 09:42:20 PM Hello everybody, I made an account because I would like some opinions on Bitcoin and if I sould invest in it or in other cryptocurrencies. I can invest up to 4000USD in equipment or cloud mining. Mind that my country has pretty high electricity cost thus buying my own machines is not going to be any proffitable. Should I try cloud mining and if so, which company do you sugget? Or maybe I just shouldn't invest in Bitcoin at all? ??? I'd really appreciate your feedback, John If you're going to invest in Bitcoin, then don't invest in mining. There is too much competition for that, and plus, most cloud mining companies are a ponzi system. Instead, buy some bitcoins. :) Mind you, the price of bitcoins has been falling lately. Title: Re: Beginner wants some feedback! Post by: JohnPap204 on August 25, 2015, 09:44:34 PM So you are suggesting me to buy some bitcoins, wait for their price to rise, sell them and make profit?
-EDIT: Forgot to ask, "Ponzi system" ? -John Title: Re: Beginner wants some feedback! Post by: Restored on August 25, 2015, 09:51:21 PM So you are suggesting me to buy some bitcoins, wait for their price to rise, sell them and make profit? -EDIT: Forgot to ask, "Ponzi system" ? -John Pretty much. But you should do extensive research on prices of bitcoins and what's been happening before investing in it. Ponzi systems are websites that pay old investors with new investors' money. Many cloud mining websites are secretly ponzi systems in disguise. Ponzi operators often run away with investors' money after getting some large profit, and then start all over again with a new website. Title: Re: Beginner wants some feedback! Post by: JohnPap204 on August 25, 2015, 09:55:06 PM Hmm, I see. So aren't there any legit cloud mining sites? Or mining is a big no-no at the momment due to the difficulty of Bitcoin?
What about mining other crypto-currencies? Thanks again, John Title: Re: Beginner wants some feedback! Post by: Restored on August 25, 2015, 09:57:37 PM Hmm, I see. So aren't there any legit cloud mining sites? Or mining is a big no-no at the momment due to the difficulty of Bitcoin? What about mining other crypto-currencies? Thanks again, John There are, but mining bitcoin isn't really profitable anymore so there's no point in doing it really. Honestly, I don't really have much experience with altcoins. I would recommend for you to post in the altcoins thread for that. ;) Title: Re: Beginner wants some feedback! Post by: GermanGiant on August 25, 2015, 09:57:47 PM Hello everybody, I made an account because I would like some opinions on Bitcoin and if I sould invest in it or in other cryptocurrencies. I can invest enough money (up to 5k) in equipment or cloud mining. Mind that my country has pretty high electricity cost thus buying my own machines is not going to be any proffitable. Should I try cloud mining and if so, which company do you sugget? Or maybe I just shouldn't invest in Bitcoin at all? ??? I'd really appreciate your feedback, John I'd suggest you to break down your investment in four equal parts. Part 1: Buy bitcoin. Part 2: Buy altcoins. Refer: www.coincap.io Part 3: Buy hash power from cloud mining website. For profitability check: www.cloudmining.website/calculator.php Part 4: Buy hardware to mine at home. When you find that this is a losing investment, sell gears and buy more hash power. Title: Re: Beginner wants some feedback! Post by: Restored on August 25, 2015, 10:04:06 PM Hello everybody, I made an account because I would like some opinions on Bitcoin and if I sould invest in it or in other cryptocurrencies. I can invest enough money (up to 5k) in equipment or cloud mining. Mind that my country has pretty high electricity cost thus buying my own machines is not going to be any proffitable. Should I try cloud mining and if so, which company do you sugget? Or maybe I just shouldn't invest in Bitcoin at all? ??? I'd really appreciate your feedback, John I'd suggest you to break down your investment in four equal parts. Part 1: Buy bitcoin. Part 2: Buy altcoins. Refer: www.coincap.io Part 3: Buy hash power from cloud mining website. For profitability check: www.cloudmining.website/calculator.php Part 4: Buy hardware to mine at home. When you find that this is a losing investment, sell gears and buy more hash power. Ignore what he just said, especially about CloudMining.website. They are a 100% ponzi system and you'll lose your money if you invest in them. Also, please close this thread once you're done with it or signature spammers will spam this thread to oblivion. Title: Re: Beginner wants some feedback! Post by: GermanGiant on August 25, 2015, 10:05:57 PM Hello everybody, I made an account because I would like some opinions on Bitcoin and if I sould invest in it or in other cryptocurrencies. I can invest enough money (up to 5k) in equipment or cloud mining. Mind that my country has pretty high electricity cost thus buying my own machines is not going to be any proffitable. Should I try cloud mining and if so, which company do you sugget? Or maybe I just shouldn't invest in Bitcoin at all? ??? I'd really appreciate your feedback, John I'd suggest you to break down your investment in four equal parts. Part 1: Buy bitcoin. Part 2: Buy altcoins. Refer: www.coincap.io Part 3: Buy hash power from cloud mining website. For profitability check: www.cloudmining.website/calculator.php Part 4: Buy hardware to mine at home. When you find that this is a losing investment, sell gears and buy more hash power. Ignore what he just said, especially about CloudMining.website. They are a 100% ponzi system and you'll lose your money if you invest in them. Also, please close this thread once you're done with it or signature spammers will spam this thread to oblivion. What ? They are paying consistently for almost 10 months now. Payment proof of each payout can be verified on blockchain - www.cloudmining.website/payments.php Title: Re: Beginner wants some feedback! Post by: notlist3d on August 25, 2015, 10:17:39 PM Depends on your goal. If you buy bitcoin and have cold storage and store it away I think you will make money.
Only thing is I think it is a long term investment. Some such as mining or other cloud are shorter term investments. So pick one you are happy with. Title: Re: Beginner wants some feedback! Post by: Restored on August 25, 2015, 10:19:43 PM Ignore what he just said, especially about CloudMining.website. They are a 100% ponzi system and you'll lose your money if you invest in them. Also, please close this thread once you're done with it or signature spammers will spam this thread to oblivion. What ? They are paying consistently for almost 10 months now. Payment proof of each payout can be verified on blockchain - www.cloudmining.website/payments.php Okay. Doesn't mean that they'll continue. They've already been solved to be a ponzi at this thread (https://bitcointalk.org/index.php?topic=878387.0). Title: Re: Beginner wants some feedback! Post by: GermanGiant on August 25, 2015, 10:36:36 PM Ignore what he just said, especially about CloudMining.website. They are a 100% ponzi system and you'll lose your money if you invest in them. Also, please close this thread once you're done with it or signature spammers will spam this thread to oblivion. What ? They are paying consistently for almost 10 months now. Payment proof of each payout can be verified on blockchain - www.cloudmining.website/payments.php Okay. Doesn't mean that they'll continue. They've already been solved to be a ponzi at this thread (https://bitcointalk.org/index.php?topic=878387.0). That thread was tailored to promote AM hash, a multi million dollar scam. It has served its purpose and hence OP does not update it anymore. Please enlighten yourself before making funny statements and it is always better to use your real account instead of creating newbie sockpuppets. :) Title: Re: Beginner wants some feedback! Post by: JohnPap204 on August 25, 2015, 11:13:51 PM Ok guys, so as far as I can see, cloud mining is not a real option.
I guess that leads us to these two: 1) Buy some BTC, wait for the price to rise and sell. 2) Buy some equipment for home mining as long with some cloud mining. What kind of equipment do you recommend? I am looking into the SP20. About the cloud mining thing, Genesis Mining seems to be legit, right? Thanks a lot for everything, John Title: Re: Beginner wants some feedback! Post by: Restored on August 25, 2015, 11:19:49 PM Ignore what he just said, especially about CloudMining.website. They are a 100% ponzi system and you'll lose your money if you invest in them. Also, please close this thread once you're done with it or signature spammers will spam this thread to oblivion. What ? They are paying consistently for almost 10 months now. Payment proof of each payout can be verified on blockchain - www.cloudmining.website/payments.php Okay. Doesn't mean that they'll continue. They've already been solved to be a ponzi at this thread (https://bitcointalk.org/index.php?topic=878387.0). That thread was tailored to promote AM hash, a multi million dollar scam. It has served its purpose and hence OP does not update it anymore. Please enlighten yourself before making funny statements and it is always better to use your real account instead of creating newbie sockpuppets. :) It is continuing to serve its purpose. It's excellent on how to find cloud mining ponzi systems vs. the legitimate cloud mining programs. And hasn't looking at your own thread given you some decency to lie low? It would be a good idea to reply to this post (https://bitcointalk.org/index.php?topic=843417.msg12041762#msg12041762) with some "proof" that CloudMining isn't a scam instead of ignoring it for 23 days (and counting). Ok guys, so as far as I can see, cloud mining is not a real option. I guess that leads us to these two: 1) Buy some BTC, wait for the price to rise and sell. 2) Buy some equipment for home mining as long with some cloud mining. What kind of equipment do you recommend? I am looking into the SP20. About the cloud mining thing, Genesis Mining seems to be legit, right? Thanks a lot for everything, John I would say that you should do some more research now that you're handing some more options. :) Take your time; investing is a big risk and you should always consider each option thoroughly. If you need better help, then feel free to ask for help from some of the bigger guys. Title: Re: Beginner wants some feedback! Post by: unholycactus on August 25, 2015, 11:27:06 PM As mentioned above, the most sound and simple investment you can make is to just buy Bitcoin.
You mentioned that your electricity cost was high. I'm not sure what that means but if it's anything above 10cents/KWh I wouldn't buy miners unless you plan to replace your heating equipment for the upcoming winter. Title: Re: Beginner wants some feedback! Post by: JohnPap204 on August 25, 2015, 11:35:56 PM Sadly it's about 18cents/kWh here so I guess miners aren't also an option.
I'll think about it further more and maybe bite the bullet and get some bitcoins, and some cloud mining GH/s! :) -John Title: Re: Beginner wants some feedback! Post by: Restored on August 25, 2015, 11:42:54 PM Sadly it's about 18cents/kWh here so I guess miners aren't also an option. I'll think about it further more and maybe bite the bullet and get some bitcoins, and some cloud mining GH/s! :) -John Sounds like a solid plan to me. ;) Please lock this thread (bottom left). Title: Re: Beginner wants some feedback! Post by: JohnPap204 on August 25, 2015, 11:55:05 PM I'll give the thread a couple of more hours, just in case someone pops in with something new! ;)
Have a nice day, John Title: Re: Beginner wants some feedback! Post by: pooya87 on August 26, 2015, 04:14:22 AM cloudminings have never been a good option in bitcoin world. the most common problem is that they are not legitimate and just a ponzi scheme so you will lose your money if you invest in those sort of cloudmining services.
and for the rest, the amount of maintenance fee that they take from you will always make the profit minimal. also you should remember that the difficulty is increasing so your profit will decrease too. and in the end you won't be able to have a good ROI and profit. p.s. i like this post on cloudminings https://bitcointalk.org/index.php?topic=878387.0 you can get useful information there. Title: Re: Beginner wants some feedback! Post by: CryptoTrout on August 26, 2015, 06:50:42 AM Just buy into bitcoin, maybe throw a hundred bucks at ethereum just in case that blows up.
Title: Re: Beginner wants some feedback! Post by: Itun on August 26, 2015, 07:03:27 AM Yeah, I highly don't recommend investing in any mining system now.
Just buy some coins They'll be a much better investment Title: Re: Beginner wants some feedback! Post by: btccashacc on August 26, 2015, 07:14:50 AM Hello everybody, I made an account because I would like some opinions on Bitcoin and if I sould invest in it or in other cryptocurrencies. I can invest enough money (up to 5k) in equipment or cloud mining. Mind that my country has pretty high electricity cost thus buying my own machines is not going to be any proffitable. Should I try cloud mining and if so, which company do you sugget? Or maybe I just shouldn't invest in Bitcoin at all? ??? I'd really appreciate your feedback, John you can mining new altcoin with your machines, some of that give you profit and lose (im lose mining at cann coin) and if you want to invet think again about that company... may be u can invest at bitcoin 75% and use only 25% for cloudmining Title: Re: Beginner wants some feedback! Post by: JohnPap204 on August 26, 2015, 01:59:20 PM Can I use my PC to mine other cryptocurrencies that use Scrypt or CPU and GPU mining are long gone?
I've also found the PACMiC V3 which looks like a good option! Title: Re: Beginner wants some feedback! Post by: Pursuer on August 26, 2015, 03:44:37 PM Hello everybody, I made an account because I would like some opinions on Bitcoin and if I sould invest in it or in other cryptocurrencies. I can invest enough money (up to 5k) in equipment or cloud mining. Mind that my country has pretty high electricity cost thus buying my own machines is not going to be any proffitable. Should I try cloud mining and if so, which company do you sugget? Or maybe I just shouldn't invest in Bitcoin at all? ??? I'd really appreciate your feedback, John you can mining new altcoin with your machines, some of that give you profit and lose (im lose mining at cann coin) and if you want to invet think again about that company... may be u can invest at bitcoin 75% and use only 25% for cloudmining I agree, if you can find a new altcoin and mine it as the first person (the first blocks) and do it while the difficulty is pretty low you can gain a nice profit. p.s. can you explain what you mean by "lose mining"? Title: Re: Beginner wants some feedback! Post by: prodigy8 on August 26, 2015, 03:50:24 PM I suggest to buy bitcoin, the bitcoin price is changing dramatically but let's calculate something 5,000$ % 220$(price of btc before some hours) = 22.7272 BTC. And selling this only after 9hours when the price was 230$.
22.7272BTC x 230$= 5227.2727 USD. You see the profit now? 5227.2727 - 5000 = 227.2727 USD profit in just 9 hours. P.S i didn't included any fee from exchanges. Title: Re: Beginner wants some feedback! Post by: JohnPap204 on August 26, 2015, 05:07:09 PM I suggest to buy bitcoin, the bitcoin price is changing dramatically but let's calculate something 5,000$ % 220$(price of btc before some hours) = 22.7272 BTC. And selling this only after 9hours when the price was 230$. 22.7272BTC x 230$= 5227.2727 USD. You see the profit now? 5227.2727 - 5000 = 227.2727 USD profit in just 9 hours. P.S i didn't included any fee from exchanges. Yeap, I see the profit. So it's like stocks right? Buy low - Sell high! ;) Do you reccomend any exchangers, with low fees and such? Many thanks, John Title: Re: Beginner wants some feedback! Post by: ikydesu on August 26, 2015, 05:10:00 PM Can I use my PC to mine other cryptocurrencies that use Scrypt or CPU and GPU mining are long gone? I've also found the PACMiC V3 which looks like a good option! You need research first when you want to mining altcoin, mostly altcoin is easy to dump and pump, find a promising altcoin and also research the difficult too, see this link: http://www.coinwarz.com/cryptocurrency Title: Re: Beginner wants some feedback! Post by: Fat Ronaldo on August 26, 2015, 05:18:28 PM Hello everybody, I made an account because I would like some opinions on Bitcoin and if I sould invest in it or in other cryptocurrencies. I can invest enough money (up to 5k) in equipment or cloud mining. Mind that my country has pretty high electricity cost thus buying my own machines is not going to be any proffitable. Should I try cloud mining and if so, which company do you sugget? Or maybe I just shouldn't invest in Bitcoin at all? ??? I'd really appreciate your feedback, John Only you can make up your mind whether to invest. I'd stay away from cloud mining though and just biuy bitcoins and they should or could be a great investment themselves over time but nothing is guranteed. Do your own research and make your own mind on what you want to do but the decision is yours. Title: Re: Beginner wants some feedback! Post by: RodeoX on August 26, 2015, 05:20:13 PM I would recommend not going into mining unless you have a lot of capitol, expertise, and antacid. With mining you will be competing with some very smart and large operations. Even with all that investment you are still taking a large risk as the future of BTC is unknowable.
If you just buy some bitcoin and hold them for an appreciation in value you still face the risks associated with price decline, but have far less investment in useless capitol. After all you can always get something back selling BTC but very little selling used mining equipment. Lastly I would forget about "selling" bitcoin and focus on spending them. A lot of people lose money everyday because they forget that when you have bitcoin you already have money. They take a loss buying and then another selling them back. Why? You could just use them to buy the things you are going to buy anyway. Almost anything is now available for sale in BTC and transactions in BTC are safer, faster, and cheaper than other methods. Cheers, RDX Title: Re: Beginner wants some feedback! Post by: newflesh on August 26, 2015, 05:55:02 PM Hmm, I see. So aren't there any legit cloud mining sites? They are few and far between: Ponzi's that have already collapsed as predicted: Code: PBmining.com 1+2+3+4+5+6+7 => 7/7 = Ponzi Likely Ponzi scams that have yet to collapse: Code: cloudminr.io 1+2+3+4+5+6+7 => 7/7 = Ponzi Code: nexusmining.com 1+2*+3+4+5+7 => 6/7 = Ponzi (Guy from Spondoolies says im wrong, but I cant score what I havent seen and he seems to confirm they have no hardware) Rest: Code: Cryptsy MN 1+2+3+4 => 4/7 = Possibly/partially legit ( + no details on fee structure) Obsolete or suspended: Code: AMhash => 0/7 = Legit (if you buy directly) / divs momentarily (?) suspended Personally I'd just invest (what you can afford to lose) by buying btc from an exchange. Title: Re: Beginner wants some feedback! Post by: prodigy8 on August 26, 2015, 07:30:55 PM I suggest to buy bitcoin, the bitcoin price is changing dramatically but let's calculate something 5,000$ % 220$(price of btc before some hours) = 22.7272 BTC. And selling this only after 9hours when the price was 230$. 22.7272BTC x 230$= 5227.2727 USD. You see the profit now? 5227.2727 - 5000 = 227.2727 USD profit in just 9 hours. P.S i didn't included any fee from exchanges. Yeap, I see the profit. So it's like stocks right? Buy low - Sell high! ;) Do you reccomend any exchangers, with low fees and such? Many thanks, John Well dont have any experience with fiat currencies but i would suggest 2 of them: coinomat.com and/or bit-x.com. Please research yourself here in forum about these main exchanges and others. and best of luck. Title: Re: Beginner wants some feedback! Post by: Mickeyb on August 26, 2015, 09:33:25 PM Hello everybody, I made an account because I would like some opinions on Bitcoin and if I sould invest in it or in other cryptocurrencies. I can invest enough money (up to 5k) in equipment or cloud mining. Mind that my country has pretty high electricity cost thus buying my own machines is not going to be any proffitable. Should I try cloud mining and if so, which company do you sugget? Or maybe I just shouldn't invest in Bitcoin at all? ??? I'd really appreciate your feedback, John I see it was told numerous times before me, but I will repeat it again just so you don't make a mistake. :) Don't do either of the two. Bitcoin mining is unprofitable for the small people and your gear will become obsolete very quickly. Mining companies are in majority total scams and do not trust them. For 5k, buy yourself 20 BTCs and a Trezor. Stick your 20 coins in the Trezor so they are well secured and be happy. If this thing ever go where we all think can go, you will be rich one day out of this move. Good luck! |