Bitcoin Forum

Hey all,
I just started mining a couple days ago. I use the hashcows pool which mines the best valued altcoin. By default, it converts the altcoins to BTC after each round of mining, but you have the option to keep whatever altcoins you mine without converting them.

What would you all think is the best course of action; to keep the altcoins in hopes that their value will grow in the future, or have them converted immediately to BTC? I suppose its more a question of what you expect to multiply in value more between altcoins and bitcoins.

I also added an option in the poll to convert some altcoins and sit on others. If you choose that please specify what coins or how you would go about determining which coins to sit on and which to convert.

The following is a list of the altcoins that the pool has mined lately, for reference...
WDC
DGC
NET
EAC
MEC
MOON
RPC

Convert half, keep half.

Now why didn't I think of that? Not a bad idea. I saw people speculating that BTC may reach $10k in the next few years though so it would suck if I cut that profit in half. Still a good idea since $10k may be a bit of a reach.

Any more voters out there?

convert 95%, keep tiny% of fave coins that they happen to be mining, buy 5% litecoins, rest other fave coins

10k is no reach. it will get there if nothing really happens in the next few years.

Would you mind specifying a bit? I'm having trouble understanding your plan. Convert 95% to bitcoins, then with the other 5% convert them myself to litecoins?
And hey, I sure HOPE they hit 10k, don't get me wrong. That'd mean I'm mining over $2/hour, a goldmine to a fulltime college student  ;)

Glad to see I got more votes overnight, would love to hear everyone's reasoning behind their choice! Thanks guys.

When btc ran up to over 1000 the prices of alts did not trade down so the value of all alts went up to.

depends on your investment strategy:  specifically how long you want to invest for, your exit strategy, and how much time you want to spend fucking around with (x)coin in the meantime.  I don't daytrade, and i don't care to deal with exchange drama more than i absolutely have to.  

I convert to bitcoin becuase it has the best chance out of all of the cryptocurrencies.  That works well with my investment strategy, but it may not work with yours.  

I trade about 30% of my Mined Coins to Bitcoins the others i keep as the top coins coinmarketcap.com

i found this sweet How to Guide. on trading Altcoins to Bitcoin on Bter.com

Convert Altcoins to Bitcoins?
http://www.reviewoutlaw.com/convert-altcoins-to-bitcoins-trade-on-bter/ (http://www.reviewoutlaw.com/convert-altcoins-to-bitcoins-trade-on-bter/)

http://i1.wp.com/www.reviewoutlaw.com/wp-content/uploads/2014/02/1392547709_t9foxy_trans.png?resize=128%2C128

i would say convert your coins to NXT.

Of course you would.

OP, I'm not a speculator, so I have an hard time advising you. However be careful with "coin shills". They abound in Nxt and Doge, they are prevalent in a few others.

Perhaps, the other advise is fine: 50% on BTC, 50% on alts. Or other distribution, 70% BTC, 30% alts, etc... Nobody forces you to keep exactly the alts you hold now, though. You can always sell them all and buy other set of alt coins with part of the total BTC. Including even Nxt and Doge,  not saying otherwise, but perhaps learn some context and understand if it's the best for YOU.

Be careful if you end up holding coins that have no volume or have low network hash. They can be unlisted from exchanges or otoh can be 51% attacked and forked.

If you couldn't care less about recouping your hardware costs then sell 70% and keep the rest. I, however, sell most of mine to recoup hardware costs.