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Author Topic: Newbie here my observations and how I plan to better the altcoin community  (Read 542 times)
mullick
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May 10, 2013, 05:20:22 AM
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Okay so this is week three of me being introduced to crypto currency. You can thank Tek Syndicate for turning me on to the idea. I watch The Tek religiously and find it quite funny. I started by doing research. I spent about 2 nights like I normally do glued to my computer. But this time I wasnt wasting time I was setting myself up for what has been a fascinating and exciting 3 weeks. After all of my research I decided Litecoin was going to be my target. As it has a resistance to asic's and has been adopted at many businesses. I also heard nothing on the btc-e trollbox except OMG LTC to be on mt.gox! I was going to keep my 6850 Mining litecoins 24/7 and trading to hopefully increase my crypto holdings. I made my fair share of mistakes but feel I am learning very quickly. I worked my way up to 20 LTC from nothing in just 2 weeks. I ended up following fontas infamous DVC "pump". Needless to say I was stuck with DVC for 4 days before I got out at a 30% loss. I now know better and should have waited but I had to learn somehow. I do a lot of research before I make any trades these days. But still It was a steep learning curve and I have basically flat lined for a while. For every right move I made I made 2 wrong.  I am learning as I go and getting help when needed. I have found a lot of people very helpful on here. The last few days I have found myself jumping on every new coin like it's crack and mining and dumping. I realize this is getting me and the community nowhere (except a few btc in my wallet). I am trying to not just try to make some quick cash but actually give back and bring new people in. I still have complete faith in Litecoin and it is my main investment at the moment. But I do see flaws in bitcoin and litecoin that I believe could be addressed with a new currency. The coins that have been released lately are almost moving in the opposite direction. They are not addressing the problems and the way they are being released almost sets them up for failure. These coins are only being mined and dumped for quick profits. I have had hopes for a few and still do but others had no chance from the start imho. If we are to have a successful coin come out and have long term viability the community really needs to get behind it. Feathercoin had a great community but it seems to be dying down to me and I believe the reason is it really didnt address any issues with litecoin. YaCoin seems like it addresses quite a few things and I like the fact that it's cpu based but the launch almost killed it. There are just so many coins already I dont know how it will effect it. Basically what i'm getting at here is I want to get behind a coin and really help it succeed but I just see copycat mine and dump coins coming out. I am not tryting to bash any coins I have not even researched quite a few I am just stating my observations. If you are backing a coing I really hope I'm not offending you. I really see some potential in a few but I am really looking for something revolutionary. Until I find this I have diverted my attention elsewhere. I am really trying to help newbies succeed. I really want to bring people in that will help better the community and show them it's not a get rich quick and buy drugs on silk road scheme but It has the potential to do amazing things. I have done a few newbie giveaways in the newbie section to help get a few people started. I plan on building a new mining rig as soon as I have made enough. I will be giving my current 6850 away to a less fortunate individual. I am going to do some form of contest that will ensure the recipient is actually in need and will stick around to help the community rather than going back to world of warcraft with the card. In my perfect scenario it would start a kind of pay it forward in the community. When the individual has made enough he would in turn gift it to another individual and help out others getting started. I am open to any suggestions as how to do this. I am not going to be some newcomer that scams and fools other newbie out of their coins and turns them off to the community forever. Until I find a coin I will put all my backing into I will focus on bettering the community any way I can and I hope I inspire others to do the same. I know this is a long post and the grammar might slip a few times but I really want to get the message out there that us newcomers really need to help the community instead of hurting it. After spending a few weeks at btc-e I am grateful for bitcointalk I was beginning to loose hope In finding help getting started.

Shoutouts to the people that have helped along the way. I really appreciate it.

RubberDuckie For the help setting up the Yac client for mining. My pc bluescreened in the middle I hope you got the other 50yac I sent you.

PaulGr For all your help on btc-e and your awesome donations to the people in the trollbox. I wont forget that

Wantrepenuer for doing quite a few Successful trades

I will update with more later.
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Flatlinezor
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May 13, 2013, 01:22:53 PM
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:/ This post is useless. Absolutely no point. If you want to pat yourself on the back, do it, good. Anyone, who doesn't own at least 20 GPU's at the moment, 7970 each, are insignificant. Even with good trades they still remain insignificant, not to mention, not earning sufficient amounts of money from mining...

You should not give  a single 6850 away, because in the end, if you buy a better card, you'll realize that you're having minus profit after all, but if this is a funny hobby for you, by all means, continue. You'd be better off just investing money in buying ltc, if you think it'll go up. Personally, holding 1500 coins (which is pocket change for most...) I am still not convinced that i'll see LTC ever around 5 usd again this year. Regardless of GOX...

Calm sea doesn't breed skilled sailors!
Rannasha
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May 13, 2013, 01:24:32 PM
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You could also better the altcoin community through the use of paragraphs.
FuzzyBear
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May 13, 2013, 01:26:31 PM
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You could also better the altcoin community through the use of paragraphs.

I was expecting a new coin release myself Tongue

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May 13, 2013, 01:26:55 PM
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Silly response from Flat.  "anyone who doesn't own 20 GPU's is insignificant".

Why 20?  Let's assume GPU's are $400 each so 20 of them would be $8,000.  LOOK OUT, high roller.  Baller!  You get my point.

No real different between someone with 1 GPU, someone with 20, and  someone with 100.  All hobbyists
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May 13, 2013, 01:29:48 PM
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Below 20, only those could get money out of it (and let's put the ideologistical bs aside, 99% of the people are into mining for the money...) that were fortunate enough to ride the recent bubble since February. Now we're in a slow, but steady decline, difficulties reached the point where everyone realizes, who jumped in, that: Ohwaitaminute, the golden age seems to be ending, wtf..?!

It'll, and it'll just get even worse. Temporarily LTC on gox will soar the prices of LTC a bit (and knock btc down a bit in my opinion), but after 10-12ish USD per LTC it'll collapse back to nowadays level. In 4 hours of trading. Then, for a year minimum, we'll never even see 100USD BTC, and 6-7USD LTC ever again.

But I am no oracle of course, but now we'll have to wait 2 years again for a surge like this we had the last few months.

PS: You know, a miner, who mines seriously, the only way to maintain income is to "flee ahead" and convert the earnings to hardware, so they can keep the steady flow of income. There is a point (mind you, in a week) where cashouts will be a LOT heavier, and they'll decide, after putting numbers in the magical excel sheets, which gets the data back as: not worth it, leaving advised. The last bump everyone is waiting on is coming hopefully this year having LTC on gox, and what's left after that? Nothing. Be around for those few hours, cash out, and come back in 2 years to do the ride again. I myself surely will do that Smiley (And I'm no high roller, I have only 12 gpu's) And what does heavy cashouts do? What you see now. Decline in price. And this is a baby's bottom cashout amount now, it'll get a LOT worse.

You might say that is a good thing. Because difficulty is not tied to the price, but inversely yes. But I don't think so.

Calm sea doesn't breed skilled sailors!
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May 13, 2013, 01:38:46 PM
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You don't know what people have planned, nor how adoption in certain countries will rise or fall, so don't bother with your predictions.

Also, OP, learn how to use the Enter key.

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May 13, 2013, 01:41:59 PM
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You don't know what people have planned, nor how adoption in certain countries will rise or fall, so don't bother with your predictions.

Also, OP, learn how to use the Enter key.

Fair enough. Did not mean to be hostile, just shedding light on the bride from a different angle. Smiley

Calm sea doesn't breed skilled sailors!
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