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Title: Where do you think the future lies? Post by: aleedy on January 14, 2014, 07:26:25 PM Hi, I'm new around here but not new to coins and mining.
I'm mostly interested in seeing what people think the prediction for how to actually be profitable with crypto currencies. Bitcoin has grown so difficult/expensive to mine and now the market is flooded with an endless supply of alt currencies. It seems the trajectory went like this: Bitcoin got too difficult to mine on GPU so ASIC became the way. This also allowed for introduction of new alt coins as people wanted to get ROI on their old GPU miners. Now even a basic ASIC setup is too expensive to really be viable for nearly anyone interested. So now alt coins are like everywhere and a new one comes out every hour or something. It's pretty absurd. Now with so many alt-coins, the hot thing is to run autoswitching pools and just always be mining the most valuable coin. but what's next? Eventually, even that will not be profitable. Title: Re: Where do you think the future lies? Post by: Kenshin on January 14, 2014, 07:32:53 PM I think multi switching pool is the way to go for scrypt mining nowadays.
Title: Re: Where do you think the future lies? Post by: UberNifty on January 14, 2014, 07:47:57 PM +1
Title: Re: Where do you think the future lies? Post by: guybrushthreepwood on January 14, 2014, 07:53:57 PM Hi, I'm new around here but not new to coins and mining. I'm mostly interested in seeing what people think the prediction for how to actually be profitable with crypto currencies. Bitcoin has grown so difficult/expensive to mine and now the market is flooded with an endless supply of alt currencies. It seems the trajectory went like this: Bitcoin got too difficult to mine on GPU so ASIC became the way. This also allowed for introduction of new alt coins as people wanted to get ROI on their old GPU miners. Now even a basic ASIC setup is too expensive to really be viable for nearly anyone interested. So now alt coins are like everywhere and a new one comes out every hour or something. It's pretty absurd. Now with so many alt-coins, the hot thing is to run autoswitching pools and just always be mining the most valuable coin. but what's next? Eventually, even that will not be profitable. The market will become saturated that most people wont bother with coins and the strongest ones will survive. Survival of the fittest will prevail. Title: Re: Where do you think the future lies? Post by: practicaldreamer on January 14, 2014, 07:57:43 PM I'm mostly interested in seeing what people think the prediction for how to actually be profitable with crypto currencies. I don't know anything about mining - and I'm new on this forum also - but in terms of profitability of btc I'd say have 2 seperate funds of btc. One to hold and one which you use to spend/initiate transactions. After all - its value is in its usage (imho). Just my tuppeneth ;) Title: Re: Where do you think the future lies? Post by: Kamyk on January 14, 2014, 08:58:57 PM You can see that there're not as much new coins releases as it was about a week ago. I think that only the most interesting and innovative coins will be used and developed.
Title: Re: Where do you think the future lies? Post by: DannyHamilton on January 14, 2014, 09:31:56 PM Now with so many alt-coins, the hot thing is to run autoswitching pools and just always be mining the most valuable coin. but what's next? Eventually, even that will not be profitable. Correct. Eventually, any alt-coin that fails to generate a substantial userbase will simply die off and be forgotten about. Title: Re: Where do you think the future lies? Post by: Sutters Mill on January 16, 2014, 04:21:05 PM Important to remember that in the next 10 years, all Bitcoins will be mined and out in the market for people to either buy or trade. This has the potential to really bump up the value as demand increases and supply decreases. Of course, this is all speculation. Look at how close we came to the old 51% scenario. Anything can happen really.
Title: Re: Where do you think the future lies? Post by: DannyHamilton on January 16, 2014, 09:31:37 PM Important to remember that in the next 10 years, all Bitcoins will be mined and out in the market for people to either buy or trade. This is not true. It will take more than 100 years before all bitcoins are fully mined. |