Back then and Now, lesson learnt

[RealMalatesta]

I would even go further and say that you did something better than most people are doing today. Back in those days mining those coins were easy and that is why nobody really made any profit from it, if it was so profitable a lot more people would do it and it would stop being easy and it would become hard.

However in these days there is "coin offering" that basically means owners of the project print all the coins to themselves and sell you some, at least we didn't had that, we had decentralized currency and that is why I think our time was much better compared to this day. Newbies could never know that feeling, they only know the fact that some coins are acquirable by paying the owner and that's it, they will never know the feeling of a wallet release with zero difficulty on the first minute, they never saw that.

[semobo]

I don't know if some newbies are still doing this today, if you are you'd better stop right now. Many new coins can be easily mined through a single CPU or GPU but 90% of them are trash coins, you need to understand how important use cases are.

In the old days, three to four years back I was so obsessed with new coins simply because they are easy to acquire, mining them is easy and difficulty are low, this got me blind so I started mining coins without getting into good research first, I ended up with coins like

1. MarketCash
2. NiobioCash
3. Worktips
4. Spotme
5. Gadcoin

And so on.....
These coins are all dead or useless right now, few are trading back then but I was too dump to sell and buy better coins.

Today I asked myself why did I do that back then, I guess it's because I never knew the difference of high quality projects and why some coins make it to top 100, If you are reading this make this your targets

The importance of real use case

Still people thinks that they can mine coins with CPU or even with their smartphones and we can find lot of mining apps available on the market but the reality is they are just useless and moreover it is going to cost us electric bill and damaging our CPU due to excessive usage.So everyone have to realize that mining difficulty increase a lot from the past few years so we need rigs of powerful GPUs to mine any worthy cryptos.

[BayAngelo]

The point is the cryptocurrency follows thrends. during the early days of cryptocurrency. most coins/tokens advertised mining as a means of attracting investors. it was a thrend. after which the deflection token era came. the current trend for cryptocurrency is DEFI. whenever a pattern phase out. most tokens without solid background fall out as well.

[Synerggy]

Good warning OP, most coins are built for pump and dump purposes only, I was lucky to mine electroneum in 2018 while the difficulty was still low and later the price skyrocketed because of the altcoin season in January 2018, it was a good experience, another good coin I mined then was graft and Loki, they are still alive today, it's better to do research first before pointing your Mining rigs to a pool.

[ife2020]

Actually we need to teach newbies to make the right decisions and be smart ; there is no how you will expect to mine on your phone and earn massively, you should know yourself that it is a joke. All mining apps on phone are made up to steal vital information from your phone, drain your energy too

[robelneo]

I don't know if some newbies are still doing this today, if you are you'd better stop right now. Many new coins can be easily mined through a single CPU or GPU but 90% of them are trash coins, you need to understand how important use cases are.

In the old days, three to four years back I was so obsessed with new coins simply because they are easy to acquire, mining them is easy and difficulty are low, this got me blind so I started mining coins without getting into good research first, I ended up with coins like

1. MarketCash
2. NiobioCash
3. Worktips
4. Spotme
5. Gadcoin

And so on.....
These coins are all dead or useless right now, few are trading back then but I was too dump to sell and buy better coins.

Today I asked myself why did I do that back then, I guess it's because I never knew the difference of high quality projects and why some coins make it to top 100, If you are reading this make this your targets

The importance of real use case

I was also attracted to these CPU mined coins because it works like airdrop but after the big crash all these CPU mined coins dropped their price to almost 90%, these CPU mined coins are being beaten by coins/tokens  coming from ICO because of their used case they have a roadmap, platform and developers are active in giving an update on the coins/tokens

[lienfaye]

The importance of real use case

This is the reason why the coin is surviving, investors are supporting it because of the use case.

But if you're newbie its quite normal to make mistakes, thats how you're going to realize the importance of conducting your own research before entering in to an investment.

On the other side if a coin has less difficulty to mine dont you have doubts on why? it might be something that is not worth for your time and effort.

[makishart]

The point is the cryptocurrency follows thrends. during the early days of cryptocurrency. most coins/tokens advertised mining as a means of attracting investors. it was a thrend. after which the deflection token era came. the current trend for cryptocurrency is DEFI. whenever a pattern phase out. most tokens without solid background fall out as well.

It's just like a competition for who is stronger and it will survive. Everyday all of defi in competition to attract more and more people. So many small miners have no chance to compete with the big miners and that's why they were looking for an alternative way

[NavI_027]

Don't worry mate, it's normal to make mistakes especially knowing that you're still a newbie. You are not alone, all of us for sure did dumb things in the past. Like in my case, I believed on the false promises of HYIPs and faucets when I was a beginner . You already learned a lesson and that's the most important thing right now.

[snip]

these CPU mined coins are being beaten by coins/tokens  coming from ICO because of their used case they have a roadmap, platform and developers are active in giving an update on the coins/tokens

Oh yeah! They are beaten by the ICOs but offers no 100% guarantee of earning either because most of them are trash as well. *sigh Why seems most of the investors are never getting tired of these things where there are already old good alts existing in the market in the first place?

[TanakabZX]

I've done some pretty stupid things too in the past and I guess many on here have done the same, do not be sad about that, it's normal to make mistakes, I lost time and money to online scams, crypto coins and I even build an obsolete mining rig that I sold of later, im glad you learn your mistakes and I hope newbies will learn from your past experience

[jossiel]

I guess you did that before is because that most of the projects that comes out are being bought by the investors.

In 2017 nearly all new projects achieved success, investors missed bitcoin and Eth tried to invest in nearly all new projects in the hope of making a profit from it.
But that soon passed, and people realized that it was trash projects and focused on the top coins in the market.

Including 2016, most of the projects during that time were good and being bought by the mass. Not until 2018-2019 when projects became dried because most investors understood that it's no longer a viable kind of investment.

Yes, people have realized that not every project that comes could be a good investment and that's where everyone started to lie-low with ICO investments. And until now, ICO projects are no longer good and they're almost dead.

[Mighty_crypt]

The biggest mistake you can do when mining new coins is planning to hold them, whether they are good or not it's better to exchange them for bitcoin or Ethereum once you receive the coins from pools you using to mine, do not plan to hold new coins because they can stop working at any time

[darewaller]

That’s something I never stressed myself about. I know a lot of people that were wasting their time mining new coins because they thought that these coins will blow up in a short time and they will make profit from it. But it never happened, all those coins just became useless after everything hard work and dedication they have put into it. So, all those things are mostly waste of time, I just prefer to buy coins and hold instead of mining. There are some coins that will tell users to download mobile app and be mining. I don’t have the time for them.

I read mining could be possible when we try in industry level. This is not just true only for the case of BTC mining but everywhere due to big competitions, if we seek good profits then we must need to mine in big levels. With respect to my country and legal things, I guess I may not run any mining company by paying big electricity charges.

[Yudhisthir]

Mining can be frustrating but it's not a danger and you'll learn something from your mistake. It's not bad to try mining at all.
The danger I see for newbies are cloud mining. In realitythere are only a few legit services that are still providing cloud mining to people and they are not profitable.
But there's always an interest on newbies about cloud mining which is driven by the hyips that comes up with aggressive advertisement. Newbies should stay away from cloud mining at every conditions.

[Lantind]

The biggest mistake you can do when mining new coins is planning to hold them, whether they are good or not it's better to exchange them for bitcoin or Ethereum once you receive the coins from pools you using to mine, do not plan to hold new coins because they can stop working at any time

Yes, holding new coins is indeed not a good solution at this time, because new coins do not yet have a strong foundation to survive in the long run, so the best solution is to exchange them with other top Bitcoin and Altcoin such as USDT and ETH, because they are much better than on new coins at this time.

[smyslov]

It's easy to create a coin because some coins are open sourced you can create your own or if you do not know much about coding you can hire coders to create you a mineable coin, because of this we have hundreds of mineable coins in the past, with no purpose but to clone Bitcoin, Dogecoin and Litecoin are lucky to have survived but other coins with no purpose are now dead.

[ethereumhunter]

The biggest mistake you can do when mining new coins is planning to hold them, whether they are good or not it's better to exchange them for bitcoin or Ethereum once you receive the coins from pools you using to mine, do not plan to hold new coins because they can stop working at any time

Many new coins don't have a good price or don't have a market, so how can he exchange them for bitcoin or ethereum. Suppose he needs to hold for a while until the coin has a price, so he can directly send it to the exchange once he can get a large amount. But think about how long he can start mining until he can have a large amount, maybe that is not worth doing. Well, we can only suggest to him, but the final decision will be at on him.

[chichidori]

Its because 4 years back even if the coin is new and mostly the code is a copy-paste from another project it will still get listed in exchange and will have value for a couple of months before it dies, pump and dump coin is a popular tactic back then before the Scam ICO fiasco even started.

[ssamotoev]

Back then, very few will focus their research on the use case of the coin. So I really don't blame the OP as we had that kind of thinking before. But then more and more coins were launched and turned out to be crap. And so most of us learned lessons from these crap projects.

you are absolutely right. Op and people who did (or do) the same don't have to blame themselves for such mistake - crypto was absolutely unknown territory for each of us and no one knew whats going to happen
now we have the knowledge so gotta make less mistakes

[Krislaw]

Do not feel so bad because at least, you tried mining with your resources and the only problem(not a problem though) is that you didn't sell at the right time hoping you would make profit it in the future just like some early miners of bitcoin. I would have done the same too.
You could try mining big coins if you have enough mining power to mine some coins though you will be needing a big budget to get that set up.