Bitcoin Forum

Alternate cryptocurrencies => Altcoin Discussion => Topic started by: ymer on May 03, 2013, 08:10:20 PM



Title: Fool-Proof guide for newbs wondering which coin to mine.
Post by: ymer on May 03, 2013, 08:10:20 PM
http://dustcoin.com/mining
The higher the ratio, the higher your profit.
Most profitable as of now is Frecoin with 373.95%

You can mine this coins and then exchange them for BTC at BTC-e or whatever exchange site that trades whatever coin you mined. You can check every 12hrs/24hrs to see which one is the most profitable and redirect your miners.



Title: Re: Fool-Proof guide for newbs wondering which coin to mine.
Post by: Rawr1337 on May 03, 2013, 08:16:53 PM
O YEAH

5 STAR QUALITY POST RIGHT THERE

 ;D

Thanks


Title: Re: Fool-Proof guide for newbs wondering which coin to mine.
Post by: tidus_13 on May 03, 2013, 08:19:07 PM
It is pretty good  ;D


Title: Re: Fool-Proof guide for newbs wondering which coin to mine.
Post by: LeftToeCut on May 03, 2013, 08:20:34 PM
O YEAH

5 STAR QUALITY POST RIGHT THERE

 ;D

Thanks

+1 , have a retina scanner


Title: Re: Fool-Proof guide for newbs wondering which coin to mine.
Post by: ymer on May 03, 2013, 08:23:05 PM
Also, try to exchange for BTC on a daily basis, altcoins are almost all the time under manipulation and if something goes wrong you will only lose 1 day of mining


Title: Re: Fool-Proof guide for newbs wondering which coin to mine.
Post by: mccorvic on May 03, 2013, 08:23:13 PM
This is actually a pretty good website :D  

BTC is the standard that all scamcoins try to pump and dump to!


Title: Re: Fool-Proof guide for newbs wondering which coin to mine.
Post by: markm on May 03, 2013, 08:30:30 PM
Such websites probably work best if you take a contrarian approach, unless they actually can compute the hashing power on a coin by timing the blocks or something.

If they just look at the difficulty, which for some coins won't change for a long time, then probably when the difficulty goes down so many miners jump on it imagining it is profitable as reported by such sites that actually you are less likely to find a block than when difficulty is higher and all the miners move elsewhere.

Plus the exchange rates too are probably misleading, as a good rate is not something you are likely to get in a few hours when you have actually managed to mine some of the coins, it is something the people who already mined them back when such sites claimed they were "unprofitable" that have coins on hand to sell that those good prices. By the time you actually mine some - assuming you even get any since the whole gangbang crew will all be there too all thinking it is "profitable right now" - the exchange rate will be back down again from people who already got the coins skimming the good prices.

So doing pretty much the opposite of what such sites indicate is very likely more lucrative than following the lemmings who believe such sites.

The one thing they DO have right is merged mining gets you more profit than mining only bitcoins, but they leave out four of the seven (or is it five of eight) merged mine able coins so you don't see all the goodies merged mining can get you.

(CLC and XGG should be shown on the http://galaxies.mygamesonline.org/latestrates.inc readout next time it is generated, maybe that will help some.)

-MarkM-


Title: Re: Fool-Proof guide for newbs wondering which coin to mine.
Post by: ymer on May 03, 2013, 08:33:45 PM
Such websites probably work best if you take a contrarian approach, unless they actually can compute the hashing power on a coin by timing the blocks or something.

If they just look at the difficulty, which for some coins won't change for a long time, then probably when the difficulty goes down so many miners jump on it imagining it is profitable as reported by such sites that actually you are less likely to find a block than when difficulty is higher and all the miners move elsewhere.

Plus the exchange rates too are probably misleading, as a good rate is not something you are likely to get in a few hours when you have actually managed to mine some of the coins, it is something the people who already mined them back when such sites claimed they were "unprofitable" that have coins on hand to sell that those good prices. By the time you actually mine some - assuming you even get any since the whole gangbang crew will all be there too all thinking it is "profitable right now" - the exchange rate will be back down again from people who already got the coins skimming the good prices.

So doing pretty much the opposite of what such sites indicate is very likely more lucrative than following the lemmings who believe such sites.

-MarkM-


You can go to exchange sites and confirm the numbers, actually you can also compare it to Google Spreadsheet trading on this forum, the numbers are petty spot on. I have followed this website for 2 weeks and you can pretty much blindly follow it except for TRC which is VERY unstable do to ASICs.


Title: Re: Fool-Proof guide for newbs wondering which coin to mine.
Post by: markm on May 03, 2013, 08:35:27 PM
I don't think you understood. How long do you mine before selling? Is the price when you have actually mined the coin still as good as it was when the sites told you to go mine that coin? Also it is not difficulty but actual hashing currently happening that decides your real chance of getting coins.

Re-read my post maybe.

-MarkM-


Title: Re: Fool-Proof guide for newbs wondering which coin to mine.
Post by: ymer on May 03, 2013, 08:45:44 PM
I don't think you understood. How long do you mine before selling? Is the price when you have actually mined the coin still as good as it was when the sites told you to go mine that coin? Also it is not difficulty but actual hashing currently happening that decides your real chance of getting coins.

Re-read my post maybe.

-MarkM-


Got you now, yea that's why in Post 4 I reminded to sell your coins it at least once a day, because alt coins are always under speculation and manipulation, if you mine the wrong coin you will only lose 24 hrs worth that way.


Title: Re: Fool-Proof guide for newbs wondering which coin to mine.
Post by: tytanick on May 03, 2013, 09:40:31 PM
this is even better http://www.coinchoose.com/


Title: Re: Fool-Proof guide for newbs wondering which coin to mine.
Post by: Escalator21 on May 03, 2013, 11:29:20 PM
Great info, thanks for the link