Problem with mining is that its too easy

[nsummy]

Just like internet work that is flooded with people across the world it has become a race to the bottom.  People in first world countries are competing with people that are happy to make a few crumbs.  It is too easy to set up some rigs and start mining.  

I thought this was going to be the troll post of the year, but I think this is accurate.  I wouldn't say its too easy, but its very accessible (by design), and with the various economies in the world, making money is all relative.  If you live in a hellhole like Venezuela and can mine with free electricity for 50 cents a day, you are making 3x more than the average person, plus your earnings are in crypto which isn't devaluaing 500% a day.  I don't want to be a naysayer but I think the altmining for the most part will never come close to what it used to be.  In the end, everyone got rich off mining the shitcoins.  You never saw anyone posting about how much money they were making mining monero, dash, or decred.  Eth might have been the only outlier as it was the one mainstream coin you could do well with, if you were able to buy a bunch of low cost amd cards.

Miners now act like corporate shareholders.  They don't care what the coin does, or how it does it, as long as the price goes up.  You will rarely see criticisms of decisions affecting the coin beyond people complaining about POS or an algo that is ASIC friendly.  This is the altcoin subforum but in reality its the gpu subforum

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[swogerino]

The Internet is like a goldmine that gives different opportunities to many people around the world.Mining is just one of many but one that has been embraced by a lot of people lately.Information available for mining in general and how to set up a mining rig is a lot so even newbies in IT can easily build one.

[Piskeante]

Ohhh BTW, ETH is in the red line. support is just in the 265-270$. If it holds, we can see more value. If not, we may go to 225$ which would be a brutal and huge step backwards that could mean ETH and other coins have no demand in the low price. Have you got your baby diapers?? Want an advice? put on at least three of them. There is going to be a massive drop in cryptos in 2 days time, and it's going to crash the market. I really hope i'm mistaken, but this is not a joke.

Told ya...... I've lost count of how many times i've predicted drops of 15% correctly. I think the dumping will stop somewhere close to the 225$. If it goes below that, even by 2$, if there is no insta-pump, sell, and do it quickly because we can go to 180$ or below.

The market is crashed right now. All technical analysis is saying the same, selling is massive in all platforms.

[lunobird]

Ohhh BTW, ETH is in the red line. support is just in the 265-270$. If it holds, we can see more value. If not, we may go to 225$ which would be a brutal and huge step backwards that could mean ETH and other coins have no demand in the low price. Have you got your baby diapers?? Want an advice? put on at least three of them. There is going to be a massive drop in cryptos in 2 days time, and it's going to crash the market. I really hope i'm mistaken, but this is not a joke.

Told ya...... I've lost count of how many times i've predicted drops of 15% correctly. I think the dumping will stop somewhere close to the 225$. If it goes below that, even by 2$, if there is no insta-pump, sell, and do it quickly because we can go to 180$ or below.

The market is crashed right now. All technical analysis is saying the same, selling is massive in all platforms.

This was expected.  Eth was like $89 dollars earlier this year so even its current value is pretty impressive.  BTC was also at 3300 and look at the price now. So ya your right nobody is buying at these prices.  I gota see a sub $200 eth and sub 8k btc in order for me to get interested in buying again.

But to get back on topic.  Piskeante, How's your gpu mining going? I see your still around.  Have you bought more gpus ?

[Piskeante]

The 225$ support for ETH has fallen. We are going to see far far loses. Got your diapers? use them and do it now. Or sell and never return to this shitty market. You have so many options...... for me lose money is not an option.

[black1ight]

The entry level for mining is still higher than just buying the coin or participating in an ico, sto, ieo, leo etc. . . :-)

Overall mining is supposed to have an easy setup.

[Piskeante]

i don't get it.

After a huge crash of ETH mining, almost 35% in current month, and still GH/s entering the pool. In just 1 month, it has gone from 140.000GH/s to 175.000GH/s even being ETH the worst performer coin on the market.

People are dumb. Really dumb. But anyway, probably they are losing money. Unless they are using ASIC, which the fucking stupid devs will continue to allow in the pool. For god sake....

[philipma1957]

Just like internet work that is flooded with people across the world it has become a race to the bottom.  People in first world countries are competing with people that are happy to make a few crumbs.  It is too easy to set up some rigs and start mining.  

I thought this was going to be the troll post of the year, but I think this is accurate.  I wouldn't say its too easy, but its very accessible (by design), and with the various economies in the world, making money is all relative.  If you live in a hellhole like Venezuela and can mine with free electricity for 50 cents a day, you are making 3x more than the average person, plus your earnings are in crypto which isn't devaluaing 500% a day.  I don't want to be a naysayer but I think the altmining for the most part will never come close to what it used to be.  In the end, everyone got rich off mining the shitcoins.  You never saw anyone posting about how much money they were making mining monero, dash, or decred.  Eth might have been the only outlier as it was the one mainstream coin you could do well with, if you were able to buy a bunch of low cost amd cards.

Miners now act like corporate shareholders.  They don't care what the coin does, or how it does it, as long as the price goes up.  You will rarely see criticisms of decisions affecting the coin beyond people complaining about POS or an algo that is ASIC friendly.  This is the altcoin subforum but in reality its the gpu subforum

Well the problems with altcoins are as follows:

They need to be gpu friendly.
They need to be cpu friendly.

Asics  make them pretty much not needed.
The developers  promised asic resistance and then sold out for the most part.


Now all would have been fine  if they were not sold  or pitched to be asic resistent. But they were and the did well until asics crushed them.

Many developers simply gave up and let it happen.

So a guy like me will never have 200 Rtx 3080ti's when they come out simply because I don't trust developers.

list shows 2267 coins

https://coinmarketcap.com/all/views/all/

1    Bitcoin   BTC   $184,393,028,275   $10,348.19   17,818,862   $24,768,186,737   0.16%   -3.75%   -11.96%   
2    Ethereum   ETH   $24,329,142,295   $227.57   106,908,177   $10,217,520,154   0.34%   -6.46%   -26.00%   
3    XRP   XRP   $13,362,575,976   $0.313922   42,566,596,173 *   $1,674,048,141   0.09%   -1.13%   -20.99%   
4    Litecoin   LTC   $5,568,207,303   $88.84   62,675,762   $3,932,027,627   0.35%   -5.27%   -25.95%   
5    Bitcoin Cash   
...


2260    Pandemia   PNDM   $?   $0.000008   ?   $?   0.00%   0.00%   0.00%   
2261    Delizia   DELIZ   $?   $0.000167   ? *   $?   0.00%   0.00%   0.00%   
2262    APOT   APOT   $?   $0.013596   ? *   $?   0.00%   0.00%   -21.90%   
2263    Bgogo Token   BGG   $?   $0.002161   ? *   $?   0.00%   0.00%   0.00%   
2264    Solareum   SLRM   $?   $5.16   ? *   $?   0.00%   0.00%   0.00%   
2265    pEOS   PEOS   $?   $0.066584   ? *   $?   0.00%   0.00%   0.00%   
2266    Stellar Gold   XLMG   $?   $0.008425   ? *   $?   0.00%   0.00%   0.00%   
2267    Gratz   GRAT   $?   $?   ? *   $?   ?   ?   ?   
← Back to Top 100
* Not Mineable


coins ranked as low as 2260 can be mined.  but what is the value of most of the coins?  from 811  pink coin down to 2267  value drops from 998,756 to 34 dollars for coin 1867 Shade Token  anyone from 1868 to 2267 is worth zero.

worst part is they piggy back  mining algos  which is a certain way to cause 51% attacks.

So yep  they wont work like they did in 2017.  

We will get consolidated coins and I know you are pro asic for these coins  and I am not pro asic.  But you are right since only one developer changes algo's fast enough to hurt asics  I see no good future for alt coins.

POS  = a bank or a bond  and has no real backing.  other then facebook's coin  where if it crashed you may be able to sue facebook (good luck)