@ wacko, not really sure where you are from. But where I live when someone takes your money and you don't hear from them for days people tend to get hurt.  

It's going on day 4. The email was probably fake, so yes I did contact their twitter, its been over 24 hours, no response.  It does not take much to respond, we live in an electronic age.  They got my message, its just being ignored I am sure.

Another thing, there is all this stuff I am reading about transactions getting "stuck" at this site.  Yeah, okay.  The fact that they only have a twitter account and don't followup on it...means there is a high probability that they are shady.  Even if they are not ripping me off, and just plan to release the coin at the next lunar new year, we can safely say beyond a reasonable doubt that they simply SUCK.  

So our options are:

A) Shady
B) Suck
C) Both  <--my choice

I will wait another couple days for payment, and if they dont respond or pay up, I will make some serious noise on the web.  At least enough to take more from them than they took from me.  

Sorry to reactivate this old thread, but I think people should know.  TradeOgre ripped me off a couple days ago, they are not releasing the coins or responding to email. 

I did a couple small transactions to test, to see if they were legit, and they pass those small ones to the wallet.  However, they kept the coin on the two larger transactions. 

I hope just one person sees this and avoids them. 

Is there a popular scammer list and/or website where I can get them listed?  If not, hell maybe I will make one. 

So I guess I just need to know if it is worth it to mine monero on gpu and just to hold them long-term, not for immediate profit.  I plan on letting rig sit there for a couple years and mine. Then let the coin sit in my wallet for like 5 years and see what happens. Let's assume I would lose in terms of CURRENT expenses vs market value now, bit in 5 years monero is worth $150. Then was it worth it?   

But if mining GPU is pointless because ASIC miners would prevent me from getting enough coin to matter in years to come, then I guess I will choose another coin. 

alright so h/s would not increase but i might earn more? so then would I see more share accepted results?  

@ style and King, oh got it, thanks for explaining that. So if the asic miners get dropped my h/s will go up?

@ swogerino, i will check out that card as my next possibility. thanks

 

I just went ahead and got a used 1070 8GB for $200...lol you guys scared me from spending all that cash.  I will combine it with my 2 1050 TIs and make it work.  Will throw the rest on investing

BUT...still remains the items of me mining Monero.  So when comparing mining costs with current market values yes I will probably either break even or lose.  But I feel like this will be one of the coins going places and the future market value alone might make it worth it.  The difficulty now is 103627596073ish so it should be easier to mine than the ETN I am mining now which is about 4x that.

What exactly happens when and if it forks (aside from making it asic-resistant)? All that really does is slow down the difficulty increasing right?  Or will that benefit GPU mining immediately in some way?  

@Bit, thanks, as mentioned above I am going to invest also, the mining is really just for fun, and for building altcoins that might have a future. 

Thats a nice chart thanks.  I notice one of the ones you mentioned was XMR (aka Monero) haha.  I am also looking at the mining difficulty.  For ETH its 2,951,561,441,131,250 that might be kind of high for my rigs, but the value of the coin still makes it tempting. 

Wow thanks for all the comments…

@Hunting, The difficulty still seems relatively low, at least lower than ETN which I am mining now. The market value is a bit too high for me to invest, which is why I wanted to mine it. What are some USB ASICs that I can add to my rig since Monero is not ASIC resistent right now?  

@ styleshifter, sorry yeah forgot to mention it has a 1000w PSU.  People use them for servers and gaming rigs, or did anyway.  

@dragon, the money being made daily/weekly/monthly ideas are vexing to me.  The math on mining only reflects current market value, but what if it goes up later?
 
@socks, no I mean $300 each, so $600 total

@King, why Grin? Because it’s young?  I have a shitcoin miner with a GTX 1060 ti, a lazy 1050 zotac, and an overclocked GT 710 which I am waiting for it to explode.  It’s doing like 800 h/s on ETN now, perhaps Grin would be a good coin to mine on that rig?

@angel, I plan on investing also.  Already working on a pros and cons xls sheet.  But I just figured that since Monero has a relatively high value compared to its mining difficulty, I would mine it.  Maybe I am way off on this…idk. Also, regarding “the days of the small miner are over”, doesn’t that only apply if you are trying to mine high value high difficulty coins? They are champion cryptos now, but might not necessarily be later right?
 
@adaseb, I thought about this.  I guess I was just trying to use up everything I got now.  I might do that later.  

Honestly, my plan was to mine some, invest some, then just wait.  The mining is for hobby.  But if I am going to mine, I want to do it on something that will delight my console window with lots of “result accepted”s or “yay”s.  Maybe Monero is not the right one for that, still trying to determine that.  

I have a colossal desktop/server rig that was given to me as retired scrap from my employer and I wanted to mine Monero on it for investment, not monthly profits. I use it now to CPU mine shitcoin and as a hyper-v, it has alot of utility so I want to keep it. Plus its too damn heavy to move so it is staying.  

It's got 2 pci-x16 slots and a pci-8x slot which I have a riser and a crappy GTX 1050 ti on standby for later.  

But I want to get a couple of badass cards to put in those 2 onboard slots.   This will just be a 3 card system as I want to keep it all in the tower (open side panel though). Once monero is too hard to mine, I will move to a shitcoin.

My budget is $300 per card (need 2 cards).  Fast as possible! Don't care how much power it burns.  I do care about how loud they are, as wife will get aggro if too loud.  

Specs:
Miner: XMR-stak, plan to run GPU+CPU
Rig: Dell T7400
Processor: Dual Quad core Xeon 2.0 GHz
RAM: 64GB
HD: SSD
OS: Server 2012
2x PCIe x16 slots (max 225 watt draw on each)

Thanks, will check it out those coins! 

Regarding ETN BS'ing the android app, do you think they are a bit shady?  I am only asking because after creating the managed ETN wallet and started mining I got immediately locked out for whatever reason and can't get back in account, and they are not sending me my recovery code to my email like it should.  I can easily see how stuff like that can get exploited.  So I made a paper wallet instead.   

I am very new in this game and still learning.  Sadly every how-to and advise article is like a year old which is about 10 years crypto time. 

I am getting into the game mainly as a hobby, and to investment long term.  Not to make a profit of expense/energy vs mining profit.  In terms of mining, I am looking to mine low difficulty coins that have potential (a trivial and opinionated thing) for growth a couple years from now.

I had my sights set on ETN, which lured me in because of the low difficulty and potential for growth. Sadly it seems the difficulty is already to the point where CPU mining is almost pointless, I get like maybe 1 share accepted like every 2 hours on my core i7 laptop, half of which say they are rejected (tried claymore and xmrig).  I see little point in ruining my $1,500 laptop unless I can see regular "share accepted" or "yay" or something else positive coming from the miner software.

I am buying a few Nvidia GTX 1050 Tis, and have an 8 core Xeon server desktop I plan to put them in.  The server is already a personal file server, I figure I might as well mine with it. I am also thinking of building a gaming rig with 3 graphics cards slots and throwing some AMD hardware in it, when not gaming, it will be mining.   

It seems a bit late for a noob miner with low-end hardware to focus on Monero, or am I wrong on that? Some other coins I have my sites on are Electroneum, ZenCash. Maybe AEON with spare CPU power.  Thoughts? 

Knowing my goals of hobby and invest (not power vs immediate profit), what should I mine?  Taking suggestions.

@fig
looks like I will claim as personal income and do a sole PP (later). But for now, pending my site dev and while I try to make things work, I guess I will just add as personal income.  

You said "capital gain/loss occurs when you sell for USD. it doesn't matter when you transfer to your bank account."

So at the exchange level, I would have to sell, then it converts to USD. Does that mean I pay for both capital gain and personal income on each transaction seperately?  And if that is the case, would't that make using bitcoin as payment more expensive then simply getting paid in USD?

I do have a wallet, and that is what I want to give. What I am trying to determine is the easiest, safest, cheapest, and most private means of cashing out (in that order of importance) on a routine basis.  

@audacious
Sorry, I mentioned "in US" and "IRS" and figured it would be obvious, but yes I live in the US. 

@1ref
yes, I will ask a tax person I guess.

but while we are here I guess I will try to figure out as much as possible (yay to the advent of forums). So, correct me if I am wrong, but if I transfer money directly from a paper wallet (lets call this the starting point) to an exchange acount, then immediately cash out by sending to my bank account, there should be no gains from trading bitcoin right? because I am not buying then selling, I am funding, then cashing out.  So it would simply be a matter of claiming the income being cashed out from the exchange account? 

thanks for helping me figure this out.

Thanks for the replies. Does coinpayments or bitpay do chargebacks or is that not possible?  I freelance write and customers have a nasty habit of having me write for them then generating a chargeback so i worked for nothing.  Another reason I kind of liked the bitcoin idea. 

So aside from market fluxuations and fees, what are the pros/cons of using a bitcoin processor like coinpayments vs just transfering money from my wallet to whereever? I like the idea of being able to choose where the bitcoin goes (eg. btc ATM or exchange1 or exchange2...etc).

Also, I know its not possible to be "anonymous", but what exchange offers the best privacy from public domain?  I had a papyal customer somehow get my phone number and address and they sent me a text asking if they could come to my house and discuss project. wtf? Maybe I am wrong for thinking this, but I feel like nobody should be able to get my personal info unless they have a court order or something.  But hey, this is 2019.

I plan to offer an electrum bitcoin payment address to an online shopping cart for services rendered. Roughly once a week forward the coin in the wallet to an exchange and cash out.  I am not so much interested in playing the high/low market strategies for bitcoin, mainly collecting payments and cashing out. 

What is the best way to do this?  Should I do it daily, weekly, monthly? is there a preferred exchange for businesses?  Are there any other considerations? 

I am building an online shopping cart (in US) with a payment option to pay a electrum bitcoin wallet address.  I will later transfer the bitcoin to an exchange like coinbase, and periodically from there to my bank account.

1. As I understand, i only need to claim capital gains once I transfer to my bank account. is that right? and would this be the same for bitcoin "income" in general? 

2. If I want to report bitcoin income on a tax return, do I simply add it to the "other income"  how should I label it? 

3. From your experience, will this trigger an audit to any greater degree? 

4. If I do get audited, what must I show them?  I only plan on maintaining a numerical client ID and amount paid in quickbooks. All other info like client name, email, IP...etc will get auto purged as part of my privacy policy. 
The exchange would only show random deposits from various temporary electrum wallets.  Would this routine be an issue if the IRS wanted to audit? 

I guess the bottom line is, I want to get the IRS their money, but in terms of "information" only provide what I am legally required to.