A warning about Alt-Coins

[Samir_H]

Thanks to anixosees and Goldshredder for the links, I'm gonna check them as soon as posible.

[anixosees]

I have a headache from changing between alt-coins but there's no other way to make money

That's why i like mining at http://www.middlecoin.com. They take all the guess work out of it. The Alt prices fluctuate too often.

(I'm not an employee of middlecoin nor am I being paid to recommend them)  

Middlecoin is ok, with their 3.38% fees.

But I prefer Tompool with it's 0% (maybe soon to be 1%) fees, which does it better imo.
http://ctompo.dyndns.org:8083/Tompool/

It depends what form you want your output to be. But having used both, I know which gives the greater relative returns.

Yeah, the fees are steep. So with Tompool, do they pay out in all one cryptocurrency or in all the different altcoins you are mining?

[Goldshredder]

I have a headache from changing between alt-coins but there's no other way to make money

That's why i like mining at http://www.middlecoin.com. They take all the guess work out of it. The Alt prices fluctuate too often.

(I'm not an employee of middlecoin nor am I being paid to recommend them)  

Middlecoin is ok, with their 3.38% fees.

But I prefer Tompool with it's 0% (maybe soon to be 1%) fees, which does it better imo.
http://ctompo.dyndns.org:8083/Tompool/

It depends what form you want your output to be. But having used both, I know which gives the greater relative returns.

Yeah, the fees are steep. So with Tompool, do they pay out in all one cryptocurrency or in all the different altcoins you are mining?

They pay out in the different altcoins. It's a scrypt/litecoin-alt based system at the moment.  It's just a system that automatically makes sure you are mining the most profitable coin.  Which takes away the pain of having to constantly check and switch your miners over manually to the most profitable coin.

You still have to sell the coins once you have them. That is always the dilemma of multipools, the coin might be profitable at the moment you mine it, but the price might drop before you get your proceeds.  

You can use auto sell methods to help with that. There are some available for Cryptsy, there is the built in autosell for a start.

Or you can hold on to the alts until they (hopefully) pump later, and sell them then.

That's half the fun, choosing your own method. 

[Scarcity]

I have a headache from changing between alt-coins but there's no other way to make money

That's why i like mining at http://www.middlecoin.com. They take all the guess work out of it. The Alt prices fluctuate too often.

(I'm not an employee of middlecoin nor am I being paid to recommend them)  

Middlecoin is ok, with their 3.38% fees.

But I prefer Tompool with it's 0% (maybe soon to be 1%) fees, which does it better imo.
http://ctompo.dyndns.org:8083/Tompool/

It depends what form you want your output to be. But having used both, I know which gives the greater relative returns.

Yeah, the fees are steep. So with Tompool, do they pay out in all one cryptocurrency or in all the different altcoins you are mining?

They pay out in the different altcoins. It's a scrypt/litecoin-alt based system at the moment.  It's just a system that automatically makes sure you are mining the most profitable coin.  Which takes away the pain of having to constantly check and switch your miners over manually to the most profitable coin.

You still have to sell the coins once you have them. That is always the dilemma of multipools, the coin might be profitable at the moment you mine it, but the price might drop before you get your proceeds.  

You can use auto sell methods to help with that. There are some available for Cryptsy, there is the built in autosell for a start.

Or you can hold on to the alts until they (hopefully) pump later, and sell them then.

That's half the fun, choosing your own method. 

I kind of think these multi-coin pools are a quick way to make the current "most profitable alt-coin" into a pump and dump. It both increases the supply of one/few alt coins simultaneously, which makes selling at market value difficult while it also (to me) devalues alt coins as a whole.
Which is rather unfortunate, I see some virtue in Primecoins and Freicoins for instance, they both offer some cool features and ideas.

[anixosees]

I have a headache from changing between alt-coins but there's no other way to make money

That's why i like mining at http://www.middlecoin.com. They take all the guess work out of it. The Alt prices fluctuate too often.

(I'm not an employee of middlecoin nor am I being paid to recommend them)  

Middlecoin is ok, with their 3.38% fees.

But I prefer Tompool with it's 0% (maybe soon to be 1%) fees, which does it better imo.
http://ctompo.dyndns.org:8083/Tompool/

It depends what form you want your output to be. But having used both, I know which gives the greater relative returns.

Yeah, the fees are steep. So with Tompool, do they pay out in all one cryptocurrency or in all the different altcoins you are mining?

They pay out in the different altcoins. It's a scrypt/litecoin-alt based system at the moment.  It's just a system that automatically makes sure you are mining the most profitable coin.  Which takes away the pain of having to constantly check and switch your miners over manually to the most profitable coin.

You still have to sell the coins once you have them. That is always the dilemma of multipools, the coin might be profitable at the moment you mine it, but the price might drop before you get your proceeds.  

You can use auto sell methods to help with that. There are some available for Cryptsy, there is the built in autosell for a start.

Or you can hold on to the alts until they (hopefully) pump later, and sell them then.

That's half the fun, choosing your own method. 

I kind of think these multi-coin pools are a quick way to make the current "most profitable alt-coin" into a pump and dump. It both increases the supply of one/few alt coins simultaneously, which makes selling at market value difficult while it also (to me) devalues alt coins as a whole.
Which is rather unfortunate, I see some virtue in Primecoins and Freicoins for instance, they both offer some cool features and ideas.

So do you deposit directly to Cryptsy then?

[Goldshredder]

I kind of think these multi-coin pools are a quick way to make the current "most profitable alt-coin" into a pump and dump. It both increases the supply of one/few alt coins simultaneously, which makes selling at market value difficult while it also (to me) devalues alt coins as a whole.
Which is rather unfortunate, I see some virtue in Primecoins and Freicoins for instance, they both offer some cool features and ideas.

That's one way to look at it. But big miners that routinely change allegiances based on market factors (which is all a multipool is) are a commonplace and inevitable aspect of the cryptosphere.

And they cannot change the inherent merits of any particular coin, which is and must always be the primary factor elevating any worthy coin.

So do you deposit directly to Cryptsy then?

It's an option.  For non p2pool type pools only.

[Epilogo]

Nice guide!

Very useful for us newbies...

[coinchaser]

even Zetacoin or namecoin are a awaste

[jackjack]

even Zetacoin or namecoin are a awaste

Are you comparing a scamcoin and namecoin...?

[leoragraves666]

The only altcoin worth something is litecoin, and it is not worth much

[Goldshredder]

The only altcoin worth something is litecoin, and it is not worth much

Per unit it is still worth more than almost every currency in the world  That's something.

[tfk]

Hi!

I've been researching this bitcoin/altcoin phenomenon for quite some time now but until now I never had the courage to invest real  money into it. If I'd only known... 

But the current financial situation the world is in at the moment makes me feel that my money is safer in a bitcoin wallet then it is in a bank account. A very weird development because the money system is the system I grew up with -we all did- and I see it collapsing all around me.

Some people say that bitcoin is a scam and some say that altcoin initiatives are. But then what are the initiatives you see in real life? For instance the Brixton Pound? A currency by the people for the people. And it worked (still does I think) because it does what the official money system should have been doing all along: function as a service to the people instead of being a system that's keeping people in debt for life. 

http://brixtonpound.org

And that is how I see bitcoin and altcoin. Initiatives started by the people to create a better system then we have right now. And for altcoin? I welcome every single one of 'em. For miners who want an extra chance to get into mining without mayor investments on hardware, for traders to have yet another alternative to go to when one system is attacked -I don't think the establishment is very happy with us-, see the recent events around mtgox.

Are some initiatives scams? Most certainly. But remember that scams are common in the official system too. We have to use it anyway. It's just like the real world isn't it?   

So the one million bitcoin question really is: what makes bitcoin work and what could make altcoin work? To put it simple: trust. When people trust each other they are willing to invest in each other. The systems are a mere extension of ourselves.

I've finally invested into BTC and LTC. And I must say I've embraced both of them. Is LTC at a low at the moment? Some who were chatting on btc-e.com said so and were telling stories of imminent collapse. My message to those people: don't buy into stories of fear. Look at it from a positive angle: when a currency is low, there are chances of investment...

Just my BTC50cts.

TFK

[sidhujag]

btc > ltc > ftc or mincoin (mnc) > dvc

[rivanj]

New, hi!

Currently mining BTC via asic, LTC via 2 7850s (guiminer-scrypt), and attempting to get bitbar going, however, I'm having difficulty getting the bitbar wallet (0.4.2 / 0.4.3) to work as it's stuck on an old checkpoint and nothing I've done or read about seems to be fixing it (Win 7 64). If anyone's gone through the similar and could give me a pointer or two that'd rock Stayed up until five this morn before I gave up. Lol.

[mechs]

btc > ltc > ftc or mincoin (mnc) > dvc

What about xpm?

[marcovaldo]

New, hi!

Currently mining BTC via asic, LTC via 2 7850s (guiminer-scrypt), and attempting to get bitbar going, however, I'm having difficulty getting the bitbar wallet (0.4.2 / 0.4.3) to work as it's stuck on an old checkpoint and nothing I've done or read about seems to be fixing it (Win 7 64). If anyone's gone through the similar and could give me a pointer or two that'd rock Stayed up until five this morn before I gave up. Lol.

How many euros did you invest?
And how many btc do you make every week?

[emptycoffeemug]

New here. 
I was wondering if there was any way to let my computer automatically watch profitability of different coin minings and then adjust to the most profitable coin. 
ie
Is there a way of checking http://dustcoin.com/mining or http://coinchoose.com/ and, upon finding the most profitable coin to mine, have cgminer change to that coin?  [i'm talking scrypt mining here, but I suppose the same idea would apply to sha-256]
With all the variation in price, it seems like there should be some easy way to do this. 
Thanks

[rivanj]

New, hi!

Currently mining BTC via asic, LTC via 2 7850s (guiminer-scrypt), and attempting to get bitbar going, however, I'm having difficulty getting the bitbar wallet (0.4.2 / 0.4.3) to work as it's stuck on an old checkpoint and nothing I've done or read about seems to be fixing it (Win 7 64). If anyone's gone through the similar and could give me a pointer or two that'd rock Stayed up until five this morn before I gave up. Lol.

How many euros did you invest?
And how many btc do you make every week?

I spent ~200-250 USD total for the USB Erupters, Hubs, Fans iirc. Mainly via Ebay. I've been using Bitminter but with crashes, lags, and some other issues between one of the hubs dying/driver issues I haven't had a week uptime fully. It seems like it should be about 0.07-0.1~/w. But difficulty just went up so am unsure. I could PM you a better stat in a week if you'd like.

After checking in at cryptocoin: 0.102/w

[dijoist]

https://www.multipool.us/ is one way to automatically mine the most profitable coin.  I've not tried it, so I can't vouch for it.
Or https://bitcointalk.org/index.php?topic=172121.0, which seems to be more explicitly what you were talking about (but looks to be harder to set up)

[grapemon1611]

Hi everyone! Can abybody tell me how to see the current difficulty of alt-coin through the client or any other way?

On the qt client there is a green check mark in the lower right corner when your wallet is sync'd to the network. Hover your pointer over it and the current block and difficulty will display.

Grapemon