cex.io VS bit-mining.io

[FalconFly]

you can turn profits on cex.io though, maybe not by mining.. honestly i couldnt say for longer term because im constantly buying and selling but when i leave cex for the night and following working day by the time im back on there is more BTC in my account than there was when i left it (assuming i "park" my BTC in the form of GHS until the next day). its only a minimal gain though but from what i have seen doign this with anything from 0.25GHS up to 8.4GHS the more GHS you have the more you will make from the short term overnight mining as i like to think of it.

its by no means lucrative but its still a gain if you play your cards right and if the market takes a nose dive you can always pull out. at the minute GHS prices are nice and low after the new TOS though they are slowly rising. lowest i saw was about 0.025 not too long after the site was down and the new TOS were in effect. at present GHS is up to 0.0276 which is still low considering when i first started roughly 1 week ago prices were at 0.044 and then slowly declined nearer the new TOS date. the last price range that held for a few days before the crash was around 0.33-0.34 and it seems to be heading back up that way since the crash so i reckon now is a good time to buy as much GHS as you can and sit on it for up to a week then sell it all when its back into the 0.03's.

That unfortunately only works if there's never a price drop overnight
You get that one single time, you'll wake up to your overpriced GHs still mining and your net value just took a big hit literally overnight. Very dangerous strategy.
Every day mining with them is increasing the chances to lose money, so much we know. The longer, the more pronounced the losses will be.

Their current "low" prices are still way too high, all those that held or unsuccessfully traded the last weeks got absolutely burned (as usual, as the long-term trend knows only one way - down).
Assuming it always goes up a gain after a drop is a useful strategy (since there is permanent market manipulation to the upside), but that only works during active daytrading and for a limited time after a drop.
Always gotta pull out before the manipulative uptrend waves are broken and not be invested in GHs at that time (or sell really fast, preferrably with a tradebot since their Website is so oozingly slow, nearly unusable during heavy trading).

[dmcl]

yes you can lose if it drops overnight.. but.. if you buy at say 0.027, sell at 0.028 you have made a profit. you come back next day and price is 0.026, you sell and then you buy at 0.025.. your still making profit. the overall downtrend is irrelivant when you operate like that as you are always making a profit over what you have sold for regardless of the fact it is going downwards in the long term.

[krampus]

yes you can lose if it drops overnight.. but.. if you buy at say 0.027, sell at 0.028 you have made a profit. you come back next day and price is 0.026, you sell and then you buy at 0.025.. your still making profit. the overall downtrend is irrelivant when you operate like that as you are always making a profit over what you have sold for regardless of the fact it is going downwards in the long term.

Extrapolating individual successes into "everybody can win" is in fact a fault of logic. If you win, someone else has to lose.

[FalconFly]

yes you can lose if it drops overnight.. but.. if you buy at say 0.027, sell at 0.028 you have made a profit. you come back next day and price is 0.026, you sell and then you buy at 0.025.. your still making profit. the overall downtrend is irrelivant when you operate like that as you are always making a profit over what you have sold for regardless of the fact it is going downwards in the long term.

That's not the issue, you can (and have to) always rework losses after they occured.

The problem is the following :
If you come back next day and price is 0.025, you sell and you buy at 0.024... you have realized a loss. Buying high and selling low is not called profit
According to your logic, anyway you'll buy at 0.024 to continue trading.... and price drops to 0.022 (assuming you don't stare at the screen every minute)... you have to realize losses again and repeat. Likely, odds are the next trade will be profitable, but you (usually) need 2 good trades to make up for one small loss that are in line with everyday expectations.
If you wake up to find price not at 0.025, but at 0.018.... You need alot of good trades to make up for that surprise. Plus, your total available trade volume has dropped, making things more difficult.
That's the whole thing.

If it was so easy to buy low and sell high - every dumb tradebot would do it and everyone trading @ cex would be rich. Doesn't work that way, however. You still need luck.
I've been lucky in 19 out of 20 trades using a similar strategy (except I never held GHs overnight) during my experiments there but I was always fully aware that luck could change any second.
Turns out a week after I left in December, cex.io saw its first, massive overnight price crashes. Lucky me, that was all that prevented my (tiny) investment to get almost wiped out.

[dmcl]

@ krampus, that is 100% correct, you just try and ensure you are not the one losing 99% of the time lol

@falcon, i know what your saying but i dont just blindly park my BTC in GHS all the time. sometimes i do the opposite and sell all my GHS and setup buys at varying prices or all at a single price. it depends what way the price has been changing over the last day, days, week, etc. its a gamble, yes. but so far i have been able to operate this way and make more in total than i started out with originally. though when im on it (and not arguing with trust nazi's) im buying/selling every few minutes or less on average.. unless ofcourse its sloping down and i think if i hold out on buying i may get it cheaper before it bounces back up. ditto for having GHS and selling. i dont see it as luck when im trading, i see it more as calculated decisions, also i rarely panic buy or panic sell, i think i have done it maybe twice and once it worked out and the other it lost me a little. maybe its luck, i dont know.. i dont think it is because i have never been a particularly lucky person, anything i get or gain tends to be from busting my ass to get it rather than taking pot shots. hell maybe for some reason i just understand how to work it a bit easier than the next man or somethin.. i dont know, all i know is so far its been working for me.