Crypto Strategies?

[9host]

Hey all, Just got into the CryptoCurrency thing over the holidays guess I'm a bit of a [shame]bandwagon jumper[/shame] at the moment.

Just wondering, are there any good strategies for getting into mining currency whit little to invest but personal interest?

From what I've seen it looks like it's best to look at a 'reasonably' backed new coin (good developers, good initial community feedback, etc) and start mining in a pool when the difficulty is low and start to build up some coin that you can trade up on an exchange.

Is this a reasonably viable strategy? I guess it's more of a Monopoly strategy... 4 green houses, 1 red hotel and repeat.

Anyone else out there have any pointers or tips?

(I have to say learning command line mining is tickling the bottom of my closet geek with an ostrich feather  )

[MsCollec]

i think you have everything covered, you just have to be up to date on the new coin releases and know when to get out.

[9host]

Cool , thank you for the sanity check! 

Is Coinwarz a good place for comparing coins or is there something better?

[MsCollec]

it's good you can also use http://coinchoose.com/ to check the coin with most profit.

[Lucky Fun Gaming]

Bitcoin mining these days is for the pros. Your idea of mining a smaller alt-coin and trading those coins into bitcoin is pretty much how it's done these days for people that want to mine casually. Just remember that eventually, every alt coin that's popular today will most likely disappear, so don't sweat things like exchange rates. In the long run, we are all dead.

[minernot]

I agree. In light of the eventual heat death of the universe we should all just hold our heads up high and blow our brains out. Peace interwebs!

[player01]

If you really want to get into mining and don't have a lot of BTC I would go with CEX.

I use CEX and its a GH (gigahash, aka mining power) trading platform. Market prices are paid for GH, a lot of helpful people in the chat box there and it's really catching on. I have about 8GH on there at the moment and I trade pretty frequently.

The trading allows you to trade up to more GH as the price drops (as the difficulty goes up the GH produce less BTC) but since it is a falling market and still has some upside swings, it's pretty easy to get the hang of, and of course you can just buy and mine and keep mining if you expect the next difficulty change to be less difficult to mine, or if you expect BTC prices to get to 10k within a few months.

I have been able to increase BTC and GHs by trading pretty much flat and buying in lower (you keep the BTC you mine while you wait for your exit point)

The best thing though, is that the GH are yours forever. (unless they go out of business I assume) you pay a percentage for electricity and maintenance.

you can get started with .000001 BTC

the link is in my signature (oh yeah you make a small bonus on referrals to)

Alternatively, you can just buy 1GH for about $11 for 1 year from butterflylabs.com no idea when they will start mining for you, but it's another low-cost option and they take USD

[infinitybo]

@9host Exactly in fact there is some interesting strategies for getting into mining currency even if you are not a pro.

[TheCleanGame]

If you really want to get into mining and don't have a lot of BTC I would go with CEX.

I use CEX and its a GH (gigahash, aka mining power) trading platform. Market prices are paid for GH, a lot of helpful people in the chat box there and it's really catching on. I have about 8GH on there at the moment and I trade pretty frequently.

The trading allows you to trade up to more GH as the price drops (as the difficulty goes up the GH produce less BTC) but since it is a falling market and still has some upside swings, it's pretty easy to get the hang of, and of course you can just buy and mine and keep mining if you expect the next difficulty change to be less difficult to mine, or if you expect BTC prices to get to 10k within a few months.

I have been able to increase BTC and GHs by trading pretty much flat and buying in lower (you keep the BTC you mine while you wait for your exit point)

The best thing though, is that the GH are yours forever. (unless they go out of business I assume) you pay a percentage for electricity and maintenance.

you can get started with .000001 BTC

the link is in my signature (oh yeah you make a small bonus on referrals to)

Alternatively, you can just buy 1GH for about $11 for 1 year from butterflylabs.com no idea when they will start mining for you, but it's another low-cost option and they take USD

Pure genius.

Thank you for posting this.

[pokerFace2]

Alternatively, you can just buy 1GH for about $11 for 1 year from butterflylabs.com no idea when they will start mining for you, but it's another low-cost option and they take USD

LOL, because the difficulty is still rising, time when this 1 year mining starts is very important

[templebar]

http://www.coinwarz.com/cryptocurrency

[B737]

Is it just me or are a lot of coins gone on coinchoose.com compared to LTC profitability?

[zomertje]

I buy for a small amount of money every time a small piece of bitcoin (or litecoin). If you buy in steps the loss or profit is lower because of the spread. But it is better than going all-in and lose because of an unexpected dip in the prices.

I hope this will help someone to find a good strategy for their coins  

[9host]

If you really want to get into mining and don't have a lot of BTC I would go with CEX.

I use CEX and its a GH (gigahash, aka mining power) trading platform. Market prices are paid for GH, a lot of helpful people in the chat box there and it's really catching on. I have about 8GH on there at the moment and I trade pretty frequently.

The trading allows you to trade up to more GH as the price drops (as the difficulty goes up the GH produce less BTC) but since it is a falling market and still has some upside swings, it's pretty easy to get the hang of, and of course you can just buy and mine and keep mining if you expect the next difficulty change to be less difficult to mine, or if you expect BTC prices to get to 10k within a few months.

I have been able to increase BTC and GHs by trading pretty much flat and buying in lower (you keep the BTC you mine while you wait for your exit point)

The best thing though, is that the GH are yours forever. (unless they go out of business I assume) you pay a percentage for electricity and maintenance.

you can get started with .000001 BTC

the link is in my signature (oh yeah you make a small bonus on referrals to)

Alternatively, you can just buy 1GH for about $11 for 1 year from butterflylabs.com no idea when they will start mining for you, but it's another low-cost option and they take USD

That sounds genius  whole new business models are popping up around all this. I think that event though the Bitcoin bandwagon is in overload, cryptocurrencies are far from mainstream and I thin kanyone getting in right now and learning will be in a good position when there is mainstream acceptance.