وعليكم السلام ورحمة الله ..

شكراً لك .. يرجى الإطلاع على الرسائل الخاصة.

Hello forum,

So long story short, most of the middle east/Arab countries are not recognizing Cryptocurrencies and they ban dealing and trading in them. This means I can't use most trading platforms such as Coinbase.com or any other platform for that matter since my credit cards are issued from Arab countries.

Because of this, now I don't feel encouraged to invest in ASICs or mining rigs and getting stuck with what I mine or go risk it dealing with local untrusted traders. I'm not saying holding on to Bitcoins or any other altcoin is bad as a long-term investment, I'm just saying it'll restrict me from seeking opportunities in case there was a time-sensitive drops/jumps in price.

My question is, will using any of the following sites/cards give me the flexibility I need?

https://www.tenx.tech
https://mona.co/





Cheers!
4dnan.m.j

شكراً لك على ردك الكريم ..
لكن التعامل مع الوسطاء فيه محدودية كبيرة، العملات البديلة غير متوفرة بكثرة، الاستجابة بطيئة إلى حدٍ ما وبالتالي ممكن خسارة فرص نادرة ..
ولا تنسى ان سوق البتكوين في العالم العربي يعتبر صغير إلى حد ما وصعب جداً تلاقي وسطاء ثقة أو مضمونين ..




صحيح ،، فهل يوجد بديل ؟

انا قرأت عن عدة بطاقات ممكن تستخدم كحل بديل للمستخدمين في العالم العربي منها بطائق ائتمانية أمريكية مسبقة الدفع ممكن التحصل عليها أون لاين ومنها بطائق ائتمانية مخصصة للبتكوين والعملات الرقمية. مثل:


https://www.tenx.tech
https://mona.co/
https://www.payoneer.com

فهل هذه حلول ممكنة وعملية ؟ أو مافي أي تعامل معاها في العالم العربي حتى الآن ؟




تحياتي
4dnan.m.j

I don't see how is that relevant!

Thank you but that doesn't help as they also don't support my country based on this page :
https://gemini.com/areas-of-operation/

I'm pretty sure that non of the trading websites can be dealt with directly in my country. So what are my alternative options ?

Hello everyone,

The last few days were extremely exciting for me, I kinda decided to invest in couple of ASICs and start mining especially taking into consideration the relatively cheap electricity cost where I'm living (~$0.048/Kw/H). As you can see with such electricity cost assuming everything else goes perfectly I should break even in about 5 - 6 months and start making profit, which is a very encouraging rate. So far everything sounds good right ?

Well, here is where things went south for me. I joined coinbase.com to check the different possibilities such as mining ETH and reselling some if it as BTC or some other coins since I'll be investing in ASICs and unlike GPUs I have no control over the Algorithm of the machine. Basically I wanted to know if I should invest in one type of mining machines and convert/resell a part of the profit to other coins ? or if I should just invest in different ASICs from the beginning to start with ?

On coinbase.com I got a message saying "Sorry! Buys not available in your country
We are not able to provide exchanging for digital currency in your region yet. Consider contacting your local government. Learn More"

As small of a problem as this might seem to some of you, it's actually not. This means I'm restricted from using almost all other trading platforms. Plus it means that my local issued credit cards are not good for direct buying nor selling crypto coins of all sorts.

My concern now is the simple fact that I might invest money, time and effort ending up with bunch of coins and when an opportunity presents it self (value/price jump) or whatever I might not be able to sell what I got as quick as needed, especially on a small window of time. And of course there is the other issue of my inability to instantly cash out my earnings if I even needed to.

So, for someone who can't buy nor sell with almost any Credit Card issued from his country, what can be done in terms of conducting these transactions with the smallest amount of fees ? (3rd party or whatever).

I want to explore my options, know what solutions are available, how reliable are they and how much exactly I'll be sacrificing out of my profit to make a deal (buy or sell).

Thoughts?






Cheers,
MysteriouS87

Thanks, will do.

I hear you mate. I'm way over Cloud mining now. Thx.



Trust me I'm not interested in Cloud mining anymore. About building my own GPU rig, as much as I'd love to do this there are some financial and technical challenges for the time being. I'm working on it and hopefully soon I'll manage to make it happen. Thanks for commenting.



I don't mind taking risks based on educated guesses. But I don't believe in blind luck. About those HYIP things, I think I just lost my appetite for them. Being described like "Gambling" is enough reason for me to stay away. Thanks again mate.

Thank you for your feedback, I just wanted to make sure I got the calculations part correctly as I'm totally new to all the terms, abbreviations and codes. It seems like I got it right though.



Thank you for your feedback, I just wanted to make sure I got the calculations part correctly as I'm totally new to all the terms, abbreviations and codes. It seems like I got it right though.


By now I totally agree with you on those two possible scenarios. I read some old articles and blogs about some of these company's in the past, it's clear that they keep changing their services terms and conditions very often and obviously to their advantage. So I'm with you 100%.

About the GPUs approach, where do you recommend that I start educating myself on that ? any specific topic/threads to read on this forum for beginners like me?



That sounds very good, but I wouldn't even know where to start. I know very little about Mining Machines, how to install them, store them, operate them .. etc. And I know even less about collocations. Basically it might take me a little while to be able to figure all of this out, my initial idea when posted this thread was to start ASAP. But that's not gonna happen I  guess lol.

Thanks for replying.



I hear you bro. Again if you have any noob-friendly link that'll help me get a better understanding about GPUs please share with me. Because at this point almost all available topics here are way too advanced for me, I feel kinda lost and unable to start.



Aside from your search abilities being amazing. I just want to say what I've said before one more time. Once of the reasons I made this post is to confirm suspensions I had and to get some kind of a confirmation on the calculations I made since I'm not very familiar with the terms and abbreviations.

On another note, I believe I might have seen some of the topics you posted, but when someone has only 20 posts or so that doesn't strike me as a very reliable source of information.



Got it, loud and clear. Thank you again.



So, what you're saying is that I'm better off with trading, correct ? if so, please point me towards the best trading websites and any guides or helpful topic that'll get me started. Thank you.



Well, this seems like the most popular opinion. Thanks for posting.



What are HYIP websites exactly ? how can I invest in them ? please let me know. Thanks.




Short, simple and to the point. Not doing it anymore, thank you

Well, that sounds about right. It's just that I've seen people online claiming that they've made profit and shit, I though I'd investigate and see what is this about, seems like my instinct was right all along. Thank you.



I'm glad that you got to have fun and be sarcastic. This is the only useful part of your post. Thanks.

I think it's safe to say now that I'm officially over the idea.





Cheers,
MysteriouS87

Hello everyone,

I'm almost new to this world so please bear with me if I went of base here or even if I didn't make any sense  .

I've been looking into could mining services, in the beginning some of the websites seemed very attractive and got me really interested, but as time passes by I started to understand more and more, at this point I'm not sure if investing in Cloud mining service is even worth it !!

Two quick examples:

1- Hashflare
If i take BTC 1 year mining plan for 10GH/s I might end up with about $2.16 profit at the end of the year according to cryptocompare.com's calculator. That's even without calculating maintenance fees !
So it seems like a total loss.

2- NuVoo
They got a $200 open-ended mining plan for 1865.87GH/s. According to this on cryptocompare.com's calculator I might be able to come up with $402 worth of bitcoin a year. But then they included something called Energy daily fee of $0.00021 per GH. This basically means : (0.00021 * 1864.87) * 365 = around $142 to be deducted from my revenue/profit bringing it down to almost $260 a year.

I'm not sure this is worth the investment, any thoughts? feedback on the mentioned companies? other recommendations?






Cheers,
MysteriouS87

Hmmmm,

Only a little while ago Bitcoin was somewhere around $12K-13K, now it's sitting around $9k. Do you think it's a good idea to invest cash in Bitcoin at this time hoping that in six months to a year or two it'll raise up again ?

Well, everything is possible I guess.





Cheers,
MysteriouS87

Hey gentlemand,

I understand what you're saying and I respect your prospective. But you're kinda making it sound like trading has no risks involved or whatsoever which is not true. Either ways, trading or mining risks are always there. With trading profits and losses can take some time or just happen in one day. On the other hand, if you know what you're doing mining is more of a long term process, it might take a little less than a year for you to get your investment value back and from that point you've got all profit (well not all, some parts and electricity cost is there, but you get the point).

Plus, in my case although this might sound a little geeky the prospect of building something by myself and getting it to work gets me excited, some kind of a hobby for my spare time. In addition to the fact that unlike trading, mining doesn't require my attention nor monitoring the market through out the day (or at least i think so thus far lol).




Cheers,
MysteriouS87

No worries, thank you for the tips.



Thank you for the tip, but for some reason I don't think I have access to move my thread. I even tried to delete it from this section in order to post it in the mining section but got a message saying that I can't delete my own threads in this section !





Cheers,
MysteriouS87

Hello everyone,

So, I guess it's very obvious from the topic that I'm kinda lost around here. Honestly, I was going to give up only five minutes after I first entered this forum, I got totally overwhelmed. I also never realized how huge cryptocurrencies and mining world are. After some thinking I decided to give this a shot ergo I registered and here I am crying out for help.

I don't want to drive you away by writing too much, I just need all the help I can get. I've been reading for a few days now, and I think I have enough information to get me started. I figured Bitcoin is a lost bet for me simply because I don't have the right equipment nor the financial capability for it, therefore, I decided to focus my energy on one of two other currencies (Ethereum or Litecoin).

Now I just need some advice on how to start mining them?

As far as I understood there are two ways of doing this. One is the GPU hardware approach where I buy/assemble the needed hardware that'll enable me to start the mining process. Two is to use one of the cloud mining services such as Hashflare.

Now my questions are as follows:

• Q1: How much would each approach cost? (basic setup to start with, nothing fancy. Feel free to share more than one example/suggestion).
• Q2: Based on the previous cost estimation, how much revenue would I be able to generate on monthly basis with the setup (GPU Hardware or cloud) assuming that i'll be running 24/7?
• Q3: Does the GPU hardware approaching require any coding skills?
• Q4: Could you point me to a step-by-step guide to setting up the mining process for both currencies (Ethereum and Litecoin) with the GPU hardware approach?
• Q5: I've seen so many people displaying mining devices on youtube, how does that work exactly? is it the same with GPU or something else?
• Q6: Let's say I managed to build a 16 or 32 cluster Raspberry Pi3 machine, how powerful might the machine be VS your basic hardware setup recommendation in Q1?

I know this might be a little too much, I apologize for that, I just need all the help I can get at this stage. Please feel free to answer whatever you can, no worries if you left some questions unanswered.




Thanks a bunch,
MysteriouS87