Cyberkilla

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Wed Sep 1 18:50:22 EDT 2021

Anyone investing in crypto atm? Which coins are you keeping an eye on?

(I'd suggest you avoid saying how big your bags are just to be on the safe side)

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Cyberkilla

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Mon Sep 6 18:52:41 EDT 2021

Looks like Cardano will spike again soon. 12th Sept they have Smart Contracts, and then later in the month they have a big announcement planned. People are speculating it's a deal with Philippines government.

Not sure how high it can realistically go in near term though.

This is a decent site to find out what a coin's price would be if it had the market cap of other coins:
https://thecoinperspective.com/compare/cardano

This is a moderately useful site for viewing current coin rankings:
https://coinmarketcap.com/

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Shoebob

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Sat Sep 11 23:48:54 EDT 2021

looking into Shiba. its dirt cheap like bitcoin was when it started, suppose to be the "Dogecoin" killer.


DemonicJ

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Sun Sep 12 22:02:34 EDT 2021

you guys mine for it or buy it?

if mining, whats the best way to do it?


Cyberkilla

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Mon Sep 13 13:00:21 EDT 2021

I'd say be careful, but I thought the same about Doge and it shot up to 70c from fractions of a cent (smiley)

The cheapness is because these projects have started setting ma**ive max supplies to make individual coins extremely cheap, as people feel psychologically better owning billions of them. They then proceed to burn half of the supply to rapidly increase scarcity and drum up some hype.

I think with Shiba they are trying to do more than what Doge did, which was just to fork Bitcoin as a joke and tweak the mining rate to be much more generous, so who knows (smiley)

Quote from Shoebob
looking into Shiba. its dirt cheap like bitcoin was when it started, suppose to be the "Dogecoin" killer.


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Cyberkilla

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Mon Sep 13 13:31:07 EDT 2021

Tbh I've never tried to mine. I wish I'd paid attention to Bitcoin ten years ago. I heard about it quite early on, somehow, but it sounded like a novelty. Hindsight is always 20:20. lol

You can't really mine Bitcoin with normal hardware nowadays. I think you need custom ASICs with water cooling at this point. Some of the altcoins are a lot less demanding though.

Some, you can do with a GPU/gaming rig, others, you're probably better off ordering one of those mining machines.



I haven't really looked into it much though, because it feels like those days are over for the major currencies now. At one point, you could mine Bitcoin on a laptop. Now, you need dedicated hardware.

With Bitcoin, you aren't always guaranteed to find the correct hash before someone else does, so it becomes a statistics game. You have to join a pool so that your odds are increased (because your hashrate combined and rewards shared).

All in all, seems cheaper to just buy some on Coinbase/Binance/etc., and sit on them hoping that what you've bought is going to go parabolic in the long run.

There are about 12,000 cryptocurrencies atm, according to CoinMarketCap. That's disingenuous though. Almost all of those are tokens, not coins. They just piggyback on other crypto networks. There are probably only a few hundred actual distinct crypto blockchains, with their own underlying coin, and a lot of them are just forks of Bitcoin (Litecoin, Doge, etc.).

Everyone is digging for gold atm, and a few people are getting rich selling them the shovels, but what else is new (smiley)

Quote from DemonicJ
you guys mine for it or buy it?

if mining, whats the best way to do it?


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Edited 3 time(s). Last edited by Cyberkilla @ Mon Sep 13 13:32:49 EDT 2021