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Gtir Motorsport club » General Discusion » Random banter » Crypto currencies

Crypto currencies

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1 Crypto currencies on 8th January 2018, 7:51 pm

shroom

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So as this is the random banter section I thought I would ask the question? Anyone hording some Bitcoin hoping for it to rise and rise, anyone mining or using any kit to gain some alternate currencies like Ethereum?

I'm currently mining Ethereum with a few gpus. If you have never heard or understand what this is have a read on the interweb https://blockgeeks.com/guides/what-is-cryptocurrency/

My current setup



Would be interested to see what people know, I had a couple of Bitcoin back in 2014 I sold off. In total I brought and sold about 20. The value then was 300 to 600 quid now they are over 10k each, could have brought a decent car if I had them still not a Pulsar haha

2 Re: Crypto currencies on 8th January 2018, 8:48 pm

Mr B

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gtir technician
gtir technician
A pulsar would be too expensive haha .

so exactly what task you need complete to earn tokens ?
how hard is it and assume you need pretty good computing power to have a chance !

3 Re: Crypto currencies on 8th January 2018, 9:10 pm

ducie54

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Bitcoin is slow and the fees are too high. So far im up 400% on my investment not bad in 10 days

4 Re: Crypto currencies on 8th January 2018, 9:12 pm

shroom

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Well its not too hard, basically computers like mine shore up the network and provide the "infrastucture" to run things on what is called the block chain. I am rewarded for this work by a percentage of Ethereum and run the miner on a group so we collectively mine (called a pool)

Payouts are sent to a wallet, graphics card prices have gone through the roof due to this, at current prices a 2k rig will make you around £450 a month (thats after paying electric etc and fees) so pay off your equipment and you could have a few quid a month for the sake of a pc running in the background.

However the market is very volatile and it could all crash and be worthless, hence why using graphics cards is useful as they will have residual value to sell to gamers angry at us for using all their cards to mine crypto currencies.

The whole crypto currency thing is quiet complicated and can often get mixed up with anonymity and bad stuff, however transactions are all recorded and the whole concept of the currencies was to take the power out of greedy banks using your money to do whatever the fook they like. Hence why they now moan and say this is dangerous and not something to invest in lol

5 Re: Crypto currencies on 8th January 2018, 9:26 pm

nomad

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Admin
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Bitcoin has been around for a very long time now .... it was always was always labeled with dark and dodgy side of the Internet ... times are changed a bit now though ...


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6 Re: Crypto currencies on 9th January 2018, 1:54 am

gtir_woody

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moderator
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I’d love to try to this, I started reading stuff awhile ago but seemed complicated and went over my head lol

7 Re: Crypto currencies on 9th January 2018, 9:49 am

Bandyleg

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Running an ant miner s5 at the minute mining for a few different crypots that i hope will rise to fame lol
BTC has recently paid for xmas right before it took a nose dive I sold a couple of grands worth Smile

8 Re: Crypto currencies on 9th January 2018, 8:02 pm

shroom

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@Bandyleg wrote:Running an ant miner s5 at the minute mining for a few different crypots that i hope will rise to fame lol
BTC has recently paid for xmas right before it took a nose dive I sold a couple of grands worth Smile

Cool nice to see it paying off! Are those S5 still profitable or are you offsetting electricity costs etc

9 Re: Crypto currencies on 10th January 2018, 8:18 pm

Bandyleg

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Mining BTC isnt profitable for any joe blogs now a days, its also not really possible to make a decent proffit on just about any coin now when you look at running costs. Cheaper than running your gpu's is the antminer.
Its more of a hobby so running costs i dont worry about now a days woth 3 kids playing bloody consoles the antminer isnt questioned i just blame the consoles ????.

Im sat on several different coins at the minute and ill just sit on them. See how it plays out.

10 Re: Crypto currencies on 10th January 2018, 8:32 pm

Cosmic73

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http://www.bbc.co.uk/news/technology-42630136

11 Re: Crypto currencies on 10th January 2018, 9:03 pm

Bandyleg

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Renting mining is nothing nea though bud.

12 Re: Crypto currencies on 10th January 2018, 9:06 pm

Cosmic73

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Fair enough, I don't understand it tbh, just thought it might be of interest.

13 Re: Crypto currencies on 10th January 2018, 9:41 pm

Bandyleg

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Well essentially ill take your money... say a quid an hour for arguments sake.. ill mime for an hour and boom... what ever is mind in that hour I shall give to you less the transaction fee of course Smile

14 Re: Crypto currencies on 11th January 2018, 9:51 am

gtir_woody

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moderator
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Ive done some reading tonight and noticed that banks are starting to block transactions relating to cryptocurrency? are there ways to get around this?

15 Re: Crypto currencies on 11th January 2018, 12:05 pm

Bandyleg

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Not sure on a way around it, I dont really deal with banks amd crypto. But think about this... crypto is fundimentally flawed from day 1! The it started as a hobby not a payment method, it grew as the biggest threat to the current banking system, how ever the current transaction fee is essentially the same as the tax man taking his bit... so the whole reasoning behind it being a banking threat jas jist fallen on its backside that along with it being centralised.

16 Re: Crypto currencies on 11th January 2018, 5:53 pm

shroom

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I wouldnt say £400 a month after paying my electricity was a bad deal...im only running 850w so compared to the ant miners its not a bad deal mate there are plenty of ways to make money on other coins :-) plus if you want a profitable ant miner you need to wait 3 months for it to ship and the price is rising.

Only ripple is centralised all the rest are decentralised so its not governed by the banks and the whole point was due to the crash and banks using your money to do whatever they want as well as governements, fees are not a tax we pay fees to move from euro to gbp etc so it hasnt fallen flat on its arse and is certantly not flawed.

.. Plus its moved on a lot since then and some crypto currencies are used for systems to run on and loads of other start ups.

17 Re: Crypto currencies on 11th January 2018, 5:55 pm

shroom

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@gtir_woody wrote:Ive done some reading tonight and noticed that banks are starting to block transactions relating to cryptocurrency? are there ways to get around this?

Yes its easy

18 Re: Crypto currencies on 11th January 2018, 8:53 pm

ducie54

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@gtir_woody wrote:Ive done some reading tonight and noticed that banks are starting to block transactions relating to cryptocurrency? are there ways to get around this?

Use Bpay. Coinjar and coinspot still allow it.

19 Re: Crypto currencies on 11th January 2018, 9:02 pm

gtir_woody

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moderator
moderator
Going to spend the weekend researching and I’m buying Smile

20 Re: Crypto currencies on 12th January 2018, 5:03 pm

Ryaneg6freak

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I own some Bitcoin, Etherium, and Ripple. I've been getting crushed the last couple weeks. Thank god it isn't much.

I had the opportunity to buy 100 bitcoins in 2013 for $20 each. That $2000 investment, as of December 2017 would have been worth $1.9 million dollars.......man was I stupid.

21 Re: Crypto currencies on 12th January 2018, 7:01 pm

Bandyleg

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I already owm
My minor but cant seem to find the time to get my head round whats happening, iys been turned off for 6 months. Ive got a few peercoins and a few others looking at playing a longer game. I just need to get my ass into gear and set up the liquid cooling on the minor. It runs around at around 70 degrees so its a little warm and noisy! Its a good bit of kit but if completly honest I wish I could make 400 a month from it.

22 Re: Crypto currencies on 12th January 2018, 7:22 pm

nomad

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Admin
Admin
It all seems to complex for me Shocked


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23 Re: Crypto currencies on 13th January 2018, 7:19 am

Ryaneg6freak

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I don't mine cryptocurrency, I just buy it. Takes no brains to do that lol

24 Re: Crypto currencies on 13th January 2018, 8:54 am

Bandyleg

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Ive seen a pal of mine loose a lot of pennies buying and selling. You really need to be carful where you buy and sell from.

25 Re: Crypto currencies on 13th January 2018, 10:26 pm

shroom

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Yeah it can be a minefield. Thats why I mine the stuff with graphics cards as its still ok to do so with Ethereum. If the value goes down I still have plenty of residual value in all the gaming graphics cards so I wont loose all my investment. Unlike if I was one of those people buying bitcoin at £14000 when its £10000 now lol big loss.

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