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Author Topic: Where To Begin?  (Read 436 times)
CoinMan87
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July 08, 2015, 09:11:19 PM
 #1

This is one of those things where you feel like you wish you had gotten in 3-4 years ago lol. I'm a believer in the crypto revolution and do believe in its long-term viability despite the growing pains. However after a few brief days of research it seems actually mining bitcoin is no longer worth the time and it seems the general consensus is the same for Litecoin. I've turned my attention to other altcoins such as Dashcoin (previously called Darkcoin) and Startcoin. I've heard about Dogecoin, Namecoin and some others...but it just doesn't seem to make much sense to me to invest in something that isn't close to being worth even a penny (Dogecoin). Namecoin looks like it has potential...it's been riding high over the past 3 months. Dashcoin however is worth $3, however from what I've read Dashcoins are hard to mine. Not sure why though. I've also heard about this ShadowCash coin. Is this something to be mined like the others? Or is there another way of obtaining them?

What are your opinions on Cloud Mining? Is Cloud mining available for other coins or just Bitcoins? I was browsing Cex.io and was thinking about giving cloud mining a chance before investing in a rig that may not be profitable anyway.

Or am I going about it the wrong way? Should I be looking to mine coins that aren't really worth anything and wait for the day they might get a big boost? In which case Dogecoin and other coins like it would make sense.
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alphacenturion
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July 08, 2015, 09:57:56 PM
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Welcome to the community mate.

My advice would be to do research, research and more research before stepping into something. Don't rush this - it's a very important part and will save you from getting burned by the vast number of scams.

 For me, mining isn't worth it right now - if you insist on it then pick a new coin and take a gamble - I did that with Xcoin which became DRK and got lucky (but I did plenty of research first). Nowadays I'm trading the shitcoins and hodling those that I think have potential - who knows where it will lead in the next few years.

You're still early to the game.
NattyLiteCoin
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July 08, 2015, 09:58:56 PM
 #3

Hi there, welcome.

Cloud mining is like having someone else hold your private key. Not recommended. Mining POW coins is quite important and there's still an opportunity to ROI if you get the correct gear. That's my primary approach to collecting Litecoin. If you don't feel like dealing with mining, then a diversified investment in various coins is probably the most appropriate approach. LTC and BTC are buys right now. I would also endorse NXT. Don't be tempted to enter pump and dumps. In my opinion it's anti-crypto, and at the end of the day you could walk away with nothing except wasted time.
CoinMan87
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July 08, 2015, 10:49:03 PM
 #4

Hi there, welcome.

Cloud mining is like having someone else hold your private key. Not recommended. Mining POW coins is quite important and there's still an opportunity to ROI if you get the correct gear. That's my primary approach to collecting Litecoin. If you don't feel like dealing with mining, then a diversified investment in various coins is probably the most appropriate approach. LTC and BTC are buys right now. I would also endorse NXT. Don't be tempted to enter pump and dumps. In my opinion it's anti-crypto, and at the end of the day you could walk away with nothing except wasted time.

How do I know what's a pump and dump and what's not? Also it seems like you're saying if I don't want to mine, then I could also simply buy various coins? I've read that somewhere and was wondering how to do that. Also, I've heard good things about Litecoin and was originally going to mine it until I read posts advising otherwise.
CoinMan87
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July 08, 2015, 10:59:28 PM
 #5

Welcome to the community mate.

My advice would be to do research, research and more research before stepping into something. Don't rush this - it's a very important part and will save you from getting burned by the vast number of scams.

 For me, mining isn't worth it right now - if you insist on it then pick a new coin and take a gamble - I did that with Xcoin which became DRK and got lucky (but I did plenty of research first). Nowadays I'm trading the shitcoins and hodling those that I think have potential - who knows where it will lead in the next few years.

You're still early to the game.

You think I'm still early? That gives me hope. What do you think about ShadowCash?
X68N
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July 09, 2015, 12:06:31 AM
 #6

Welcome to the community mate.

My advice would be to do research, research and more research before stepping into something. Don't rush this - it's a very important part and will save you from getting burned by the vast number of scams.

 For me, mining isn't worth it right now - if you insist on it then pick a new coin and take a gamble - I did that with Xcoin which became DRK and got lucky (but I did plenty of research first). Nowadays I'm trading the shitcoins and hodling those that I think have potential - who knows where it will lead in the next few years.

You're still early to the game.

You think I'm still early? That gives me hope. What do you think about ShadowCash?

please take his advice serious " research, research and more research", that includes to not rely on other people opinions.
There are too much scammers and fanboys out there.
If you ever came to a coin where it is claimed to be premined, do the reasearch. If it was, skip it.
Sometimes there are also false claims, so the research with multiple sources is important.
Mining is not profitable for the most people anymore. You get faster on the Track  with buying directly.

I had written something you might find useful:
https://bitcointalk.org/index.php?topic=1089353.msg11714544#msg11714544

if you find this usefull i can lead you to some more content to speed up your search for information sources.

greetings


EvilDave
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July 09, 2015, 12:19:22 AM
 #7

First: welcome to crypto, mate. Cheesy

Second: trust absolutely no-one. Especially someone who's giving you investment advice.  Grin

Third: Do your own research. If you spend a month working 9-5 studying up on crypto-currency, you will have a good idea of whats going on.

Fourth: trust absolutely no-one. It bears repeating, there are lots of traps for the new guys.

(If you really feel the need to invest right now: go for BTC as the bulk of your portfolio, with some top 10 alts for variety and excitement)

Nulli Dei, nulli Reges, solum NXT
Love your money: www.nxt.org  www.ardorplatform.org
www.nxter.org  www.nxtfoundation.org
Nxtblg
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July 09, 2015, 03:48:51 PM
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You're still early to the game.

You think I'm still early? That gives me hope.

Oh yes, you're early. The end game for crypto is mainstreaming: you can see the first steps being taken in recent news. Once it's too late, crypto will prolly be regulated just like everything else. Allow me to present the Iron Rule of Mainstreaming: when you meet the mainstream, you meet the demands of the mainstream.

Right now, the "crypto-economy" is still largely unregulated. (Fiat gateways are another matter entirely) I know about BitLicense, but it's only a first shot in the dark. Myself, I won't say it's too late until the United States has a new regulatory agency, something like the SEC, that oversees cryptocurrency. That would be the too-late moment for me.

You'd do best to stick your toe into the water by looking at Coinmarketcap's top 20 and crossing off the list any cryptocoin that's less than a year old. (An arbitrary number, true, but it's good enough to weed out the hypecoins.) I suggest starting your research with those, as they're likely to be less unsafe.







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