is the trick to get rich to mine a coin with low difficulty and hope it blows up

[ihopeigetrichpls]

??

I have no so great hardware, is the best chance to get rich to mine a coin with low difficulty, get lots of coins and hope that coin manages to make it big in the future???

I've also heard the term pump and dump which I think means get in low difficulty, coin spikes, dump it at spike for more valuable coin???

I have to keep signing up to different pools for each coin though which is time consuming

Anyone have any other tips?

[ihopeigetrichpls]

i think more clever ways to get rich is probably run one of these pooling sites because you take % of people mining, less work maybe or more coin for less work, not sure

other ways to get rich would probably to be AMD/ATI or maybe run a forum and hope it gets popular and lots of advertising

I heard the analogy that during the gold rush the people who made most money were people manufacturing shovels, helmets, accessories etc for the miners, not the actual miners.  Probably the same but i hope to get lucky as a miner

[NealCaffrey]

I've also heard the term pump and dump which I think means get in low difficulty, coin spikes, dump it at spike for more valuable coin???

I'm not sure, but I think the term "pump and dump" refers to holding onto or mining coins at low difficulty then when the price rises you sell them, not necessarily for a more valuable coin, just money in general.

[dogecoinforever]

i think more clever ways to get rich is probably run one of these pooling sites because you take % of people mining, less work maybe or more coin for less work, not sure

other ways to get rich would probably to be AMD/ATI or maybe run a forum and hope it gets popular and lots of advertising

I heard the analogy that during the gold rush the people who made most money were people manufacturing shovels, helmets, accessories etc for the miners, not the actual miners.  Probably the same but i hope to get lucky as a miner

There have been allegations (rightfully so) that the delays were only because they were using those "shovels" to mine themselves before sending them out later. The network did see a big jump in hashing power before any were delivered, but it's hard to prove anything. If you think about it no one is going to sell you something that pays for itself in ~10 days when they could use it themselves. I think current ASIC sellers are largely legit, but you'll never be able to compete with ASICMINER in china with the really cheap power (.04 dollars per kw!)

[Lovethecoins]

The new cryptocurrencies discussed here are based on Bitcoin but all have added tweaks which may make them better technologies in the longer term. For now Bitcoin is by far the biggest with about US$12 billion value which is some 16 times bigger than its nearest rival Litecoin. Bitcoin is also a proven technology that has withstood the acid test of many hacking attacks.

In the long-term, a concern is the weakness of the SHA-2 encryption algorithm which is the basis of all cryptocurrencies above, with the exception of Quarkcoin.

For now it appears impossible to crack but who knows what the amazing computer power of security agencies can do now, and what commodity computers will do in five years time. Quarkcoin may be the better long-term bet with its superior security algorithms and faster transaction times.

[GoldWater]

I just bought 2 USB ASIC miners off of Ebay today for $100

Very low power consumption, 300+ MH/s - plug them in almost anything.

[Mortimer452]

??

I have no so great hardware, is the best chance to get rich to mine a coin with low difficulty, get lots of coins and hope that coin manages to make it big in the future???

I've also heard the term pump and dump which I think means get in low difficulty, coin spikes, dump it at spike for more valuable coin???

I have to keep signing up to different pools for each coin though which is time consuming

Anyone have any other tips?

Well, I'm not sure if that's the BEST way, but certainly the way I'm going about it now.

Started mining SXC (SexCoin) mid-November with a crummy 7kh/s NVidia card, finally got a new one the day after Thanksgiving now running at ~600Kh/s

In four days I mined about 12,000 SXC - they were worth far less than a penny at the time, now the coin is up to about $0.05 USD.  Nice to have ~$600 of SXC on hand but man . . . only if I had started a few weeks sooner, I would have 20x as much!!

[lepirate]

Aye, pump n' dump is an easy way to earn money. Just be careful not to hold the coins for too long!

[tampazeus]

I've also heard the term pump and dump which I think means get in low difficulty, coin spikes, dump it at spike for more valuable coin???

Pump and dump coin = after start the coin is premined and when it is on exchange the coin is pumped by buying more coins and increasing price, at some point all premined coins are dumped at once with very nice profit, price crashes and coin is abandoned.
Time to create new coin then and repeat 

[Faince1985]

Perhaps if you select the right coin you could make something from it. Also selecting CPU only coins if you have a normal computer might be useful as the competition is much lower in those.

[dogedealer]

1. mine every new promising coin
2. wait for a peak
3. ?????
4. PROFIT!

[cshelswell]

I've made over 7 BTC doing just this - if i'd held on to my 320,000 zetacoin for a few days longer that would have been more like 30 BTC - can't win them all though.