As of 2014, a nVidia 750 Ti will make you around 2x the cost of investment within 1 year.
Clearly, scrypt mining is still profitable, but nowhere near as profitable as getting in on this super early. In hindsight, I would have had a WGET script archiving all news sites each day, and any mentions of "Bitcoin" would have gotten my attention, as a new word, and I could have gotten in on it in 2009, 2010. I did not do that, and thus, end up getting into this in 2014, with at best around 2x the return of initial hardware investment, which is very respectable as an investment, but nowhere near the big leagues of prior years.... Of course, even now, BTC could tank over night, or altcoin could disappear altogether.
So.... this brings me to the question... From my analysis, one way to get potentially huge returns it to mine a coin before it hits the market, and thus profit from the initial offering on Cryptsy.com....
I would like people's opinions..... How likely are new coins to be accepted on Crypsty.com, how many new coins are created each week etc..?
This seems like the perfect insider trading con for Crypsty.com. Anyone with insider info on Crypsty.com could see which coin they will add next, and profit immensely.
But assuming that none of us have inside info, is there any way to predict which coin will be added next to Cryptsy?
Thanks
I did not do that, and thus, end up getting into this in 2014, with at best around 2x the return of initial hardware investment, which is very respectable as an investment, but nowhere near the big leagues of prior years....
Where are you pulling this figure from? If treated well gpu's can last a looooooooooong time. I currently have a 6870 that was bought for gaming 3 maybe 4 years ago. When I got out of gaming it began mining and has been doing so for about a year without issue. Steady 250-300kh/s 24 hours a day 7 days a week since may of 2013. I've also bought used gpu's @ absurdly low prices on ebay. In which case the time to 100% roi is vastly smaller than buying the newest line of gpu's. For example would you rather pay $400 for 3-4 cards running 1.6MH or spend $1,200 for 2 new top of the line cards hashing @ 1.6MH? Maybe a bit exaggerated but you get the idea.
Of course, even now, BTC could tank over night, or altcoin could disappear altogether.
In my opinion altcoin mining is more likely to fall into the negative profitability rather than all altcoins somehow "disappearing"
Anyone remember 9 months ago when bitcoin was was worth $100. Mining altcoins wasn't a "cash crop" and we weren't getting
BTC0.01+/MH
The point is back then it wasn't all about the profit. Well it was but it wasn't at the same time. People weren't spending $100,000 on huge warehouse mining setups. Well maybe aside from those who were mining bitcoin. We're talking about altcoins here so the statement is only pertinent to alt's.
So.... this brings me to the question... From my analysis, one way to get potentially huge returns it to mine a coin before it hits the market, and thus profit from the initial offering on Cryptsy.com....
The problem with that hypothesis is most coins don't make it to cryptsy. Even the ones that do don't always jump drastically in price. Check out some of the long term graphs by clicking the "ALL" tab. A lot of coins will be sitting at the same price or lower than when it was added to cryptsy.
I would like people's opinions..... How likely are new coins to be accepted on Crypsty.com, how many new coins are created each week etc..?
I don't have the exact stats nor does anyone aside from cryptsy rep's. Really though, it depends what you call a coin. There are plenty of alt's created that no one ends up mining or for whatever reason fail never having reached a secondary exchange never mind cryptsy. All time spent mining those coins is wasted.
So, imo the number of coins worth mining each month is quite a bit lower than what is actually created and released on this forum.
This seems like the perfect insider trading con for Crypsty.com. Anyone with insider info on Crypsty.com could see which coin they will add next, and profit immensely.
Somehow I doubt you should be worried about insider trading. Rather I'm worried that I may have just wasted my time typing all this due to the fact this post may have been created with the sole purpose of instilling fear among the people and/or spreading more hate towards cryptsy (which isn't going anywhere)
But assuming that none of us have inside info, is there any way to predict which coin will be added next to Cryptsy?
Again with the inside info?
Yes there is. Think about it for a sec. BitJohn has stated multiple times volume is vary high on their priority list. What kind of sustained volume? Well that I don't know but it needs to be high enough for cryptsy to make a decent income @ 0.5% fee.
So, you may be able to devise some sort of checklist or rough estimate of what cryptsy might consider a coin worth adding by studying all the current coin statistics and recording those stats as cryptsy adds new coins.
However the problem is still by the time you're able to gather the information from secondary exchanges to determine which is most likely to be added within x amount of time tons of people will already be mining that coin otherwise why would it be on an exchange to begin with? (The same argument works for network hashrate) Due to this profitability will be lower than if you'd been able to mine from the start. Yet still likely to be higher than if you were to start mining after it was added. This is why you see so many people post "another scam coin" "not another clone" etc. Because they know it's not likely to be added to cryptsy or even coinedup. Actually coinedup has even slacked a bit with adding cheap clones.
Obviously in general anything innovative will be a good bet. Of course the problem is a lot of recent innovative coins were launched as "just another clone" then later on implemented some awesome features. Then there are those scammers that say we will have whatever awesome new feature by this time never intending on releasing anything. All in an attempt to pump prices up.
Professional OP threads are another good place to start. Be sure to check the coin stats though plenty of scammers can appear to be professionals. Happens on these forms on a daily basis. Avoid premines everyone hates them and it does devalue the coin. Sure there are exceptions but there's exceptions to every rule. One percent of a million is still 10,000 no matter how you look at it. That's $10,000 out of our (investors) pockets. If it were something reasonable like 24 hour's worth of blocks then sure why not give the dev that many coins but, 1% is way to much.
Just my thoughts on the subject
BTC0.02
Kind Regards,
BCPB
