Overwhelming

[Jaden]

As a newbie who just started mining Bitcoins at the end of April and now looking to diversify into other coins, this forum is overwhelming. I was hoping to get some information on which coin to mine, but wow!, didn't realize that new coins were being released every day and many failing in the same day. So, after many hours of reading the threads here, I decided to try these:

Litecoin
Feathercoin
Freicoin
Stablecoin

Seem like logical choices?

[shakezula]

Stick to what's on Coinotron.com and you'll be just fine.

[krasnyoktyabr]

Stick to what's on Coinotron.com and you'll be just fine.

This is an excellent piece of advice. Coinotron is stable and reliable with high hashes across the board.

You should keep reading while mining, and then you can feel free to diversify

[MashRinx]

First, best of luck in whatever path, or paths, you choose.  Also, might I suggest that it doesn't need to be a single path, and mining across different coins at different times is definitely something that you might want to consider. 

For what it's worth, some of the rules that I have established for myself are:
     - try to gauge as best you can the intent of the creator/poster of the coin:  is it going to be premined, instamined or a clear pump & dump play?
     - Is there any real development behind the coin that might hint at any possible future beyond the short-term?
     - I personally think pre-mines are almost 100% BS, although I think stable coin may have the most valid reason to have one, although you have to trust that the creators of the coin mean what they say. (not saying they don't)
     - was a coin announced with enough notice to be reasonably fair?
     - do the parameters make sense (coins per block, block timing, difficulty re-target time, and starting difficulty) ?

There are many people on this forum that would say ALL alt-coins, including LTC are all 'scam coins', but then there are also a lot of people around the world who would tell you that so is Bitcoin, so who knows.

I think what Gavin said about Bitcoin applies more here than even for Bitcoin:  Don't invest what you are not 100% willing to lose  (my edit: that includes money invested in coins, hardware, or the power needed to run that HW.)

I would only add, try to have some fun & learn what you can while you're at it...

[Jaden]

Ok, I'm mining FRC on Cointron right now with one GPU, but debating about moving everything over from BTC to LTC, FTC, or FRC. Kinda scary though considering these don't really have a marketplace like BTC.

[Jaden]

Thanks for the advice MashRinx. I haven't invested much in this as it's just a hobby and I'm willing to lose my investment. Keeps me occupied and not out chasing skirts.

[MashRinx]

Oh, sorry, forgot to add one more item:  I am also VERY wary of any coin that keeps any % of coins mined, regardless of the given reasons.  (Pools charging a fee % is a different deal altogether - they should be able to at least cover their costs).  I want to mine an coin, earn those coins by mining, and chose what I do with them.  I don't have any interest in being part of a 'collective' that has some group that decides where some of those coins are allocated, when, or why.

Other obviously believe differently.

[shakezula]

You can't go wrong with BTC. It converts in to cash pretty much directly but its not high-numbers mining like some of the coins with lower diff. FRC, LTC, PPC, and TRC have quite a few exchanges so turning them in to BTC should be no problem--but each of these coins earn a very similar profit to BTC. Some of the 'scrypt' coins can be more profitable, but currently BTC mining is a pretty painless and direct route to some extra change.

If you decide on BTC only mining, you may as well get the merged mined coins (DVC, iXC, and NMC) they are a bit more obscure and not very valuable, but can be used for cool things like .bit domains. I primarily mine at mmpool.bitparking.com but I think a few BTC pools offer merged coins (or at least some of them).

[snowcrashed]

http://dustcoin.com/mining
http://www.coinwarz.com/cryptocurrency

Check these website daily.  They will tell you the most profitable coin to mine and give you a general idea of the returns you can expect.  For instance, if you are interested in generating BTC then it isn't necessarily best to be mining BTC.  You can mine an altcoin like DGC which will currently give you 151% of the profitability of mining BTC.  Then trade the DGC you generated for BTC on an exchange.  Just be careful to watch the price of the coin you are mining, as many altcoins are very volatile.

[Jaden]

Thanks guys. This is very helpful.

[techbytes]

Stick to what's on Coinotron.com and you'll be just fine.

Haha... Coinotron was where my journey as a miner began also back in April.  Was there mining for a month until I found this forum.  Now, it's all about chasing altcoins...   


-tb-

[Jaden]

Shakezula, I hear what you're saying, but I feel like I got into all of this too late, so I'm thinking I need to mine other coins to potentially make the large gains that early miners of Bitcoin made.

Looking at Coinwarz it seem like the profitability of coins changes drastically from day to day, so it's really hard to just pick one and mine it. Litecoin seems to be the only one that is consistently more profitable than Bitcoin, but not by much.

[lazydna]

As a newbie who just started mining Bitcoins at the end of April and now looking to diversify into other coins, this forum is overwhelming. I was hoping to get some information on which coin to mine, but wow!, didn't realize that new coins were being released every day and many failing in the same day. So, after many hours of reading the threads here, I decided to try these:

Litecoin
Feathercoin
Freicoin
Stablecoin

Seem like logical choices?

Litecoin is established runner up to bitcoin in popularity.
feathercoin is scam coin clone of litecoin with 4x the number of coins.
freicoin is innovative and features demurrage.
stablecoin is another copy pasta scam coin.

litecoin or freicoin is good choices, stay away from FTC and everything else that came after it, that's when all the shit clone coins started sprouting up.

also look at NMC, DVC and PPC

[krusin]

stablecoin is a copypasta coin with a different service...if the dev is to be believed. I believe it has its merits.

[FiiNALiZE]

stablecoin is a copypasta coin with a different service...if the dev is to be believed. I believe it has its merits.

^this

SBC probably has the best future of all the copycoins if the dev keeps his word.

[just_me]

I just got started here as well, and I like GLDcoin

Goldcoin is traded at cryptsy.com and you will find a large amount of alt-coins traded there.

I am suspicious of alot of these accusers on these forums who know that bitcoin was a premine, and yet they support bitcoin, and then go around preaching that they hate premine.

What I do, is I am ignoring these continual accusers now by clicking on the ignore button under their username.

I also believe that all of the 'alt-coins' are actually copy and paste from the first coin called 'bitcoin', and a good name for any of these alt-coins is needed and may be what sets that coin apart from the rest.

I also believe that it may be good for relationships on these forums for miners to be more faithful and back the coins they like rather than behaving like harlots and chasing after whichever one is paying the most today.

Any of the coins will have its ups and downs, and its the people who stick with a coin whether it is up or down, who are making the coin more successful.

gldtalk.org  - GLDcoin forum

gldcoin.webs.com  - a blog I found about Goldcoin

[lazydna]

I just got started here as well, and I like GLDcoin

Goldcoin is traded at cryptsy.com and you will find a large amount of alt-coins traded there.

I am suspicious of alot of these accusers on these forums who know that bitcoin was a premine, and yet they support bitcoin, and then go around preaching that they hate premine.

What I do, is I am ignoring these continual accusers now by clicking on the ignore button under their username.

I also believe that all of the 'alt-coins' are actually copy and paste from the first coin called 'bitcoin', and a good name for any of these alt-coins is needed and may be what sets that coin apart from the rest.

I also believe that it may be good for relationships on these forums for miners to be more faithful and back the coins they like rather than behaving like harlots and chasing after whichever one is paying the most today.

Any of the coins will have its ups and downs, and its the people who stick with a coin whether it is up or down, who are making the coin more successful.

oh it's goldcoin, its claim to fame is having the word gold in its name. really innovative amirite?

[aysyr]

If you're going to mine and sell, I agree do what they suggested and use one of those sites to find out which is the most profitable at the moment. However, if you want to invest for a longer period or are looking for a one specific coin to spend most your time on, look into what each coin is doing first.

Obviously, I personally am invested in Feathercoin. But if you're going to do your research, please visit the forums at forums.feathercoin.com if you want to know more about it in particular. Unfortunately a lot of people (not all) bash coins in the alt forums here, so you're likely to hear more why not to mine, than why to mine.

[krusin]

This^^ Use the ignore feature, you won't regret it.

[coinerer]

At this moment I enjoy solo-mining Infinite coin IFC. The experience of mining millions of IFC is wonderful.
The amount is the biggest, and this coin is not yet on the exchange. Generally, the exchanges and such type of sites like coinchoose at first time destroy the values of any coin (10-100 times), and after that who knows - there is possible opportunity to bounce back. So, after very the big fall there is chance to big price jump, but not always.