damn...the tokens are pretty expensive...that's $1898...thanks for the info
Official BGOL Crypto Currency Thread ★★★★★
- Thread starter Matt Beesy
- Start date
damn...the tokens are pretty expensive...that's $1898...thanks for the info
OH Shit STRAT is on the move the bruh @LegalMoney somewhere like
Glad I followed his lead...I'm ride this to it hits $5 easy though...I can see it by years end...hell mid summer the way it's going.
Been under the weather but everyday I look at Strat and smile! Glad you got onboard too fam, I think Stratis gonna be a top 5 coin, $50+ in the future but $5 by years end minimum is more immediate.
After Sia does what it's going to do I'm focusing solely on Stratis, Ripple, Sys and Nav. That's all the bags going forward.
OH Shit STRAT is on the move the bruh @LegalMoney somewhere like
Glad I followed his lead...I'm ride this to it hits $5 easy though...I can see it by years end...hell mid summer the way it's going.
idk everybody just caught me at a good time or something cause i just threw a little change at strat too because of the price and here we are in may and i forgot i had some.
Glad you got onboard too fam, I think Stratis gonna be a top 5 coin, $50+ in the future but $5 by years end minimum is more immediate.
After Sia does what it's going to do I'm focusing solely on Stratis, Ripple, Sys and Nav. That's all the bags going forward.
what're your views on the "new" coins being thrown around in discussions @ reddcoin and digibyte?
I'm lightweight obsessed with it and i need to slow down lol.
Nah enjoy this shit fam!
If all anyone did was get 100k Ripple at the start of this thread they already got $33,000 profit.
That type of money will have brothers obsessed for real, and its well worth it.
This first wave has been to get our feet wet and build up purchasing power for the next wave when the market tanks.
That's when we can clean up buying mad shit for cheap and waiting out the next market surge.
That's when the BGOL Millionaires Group will be many members deep. Can't wait to be at the apex with all you cats!
yup...I love it
food for thought. this is one man's prediction, but it sounds like an accurate description of all that i have researched...
In theory, no one wants to sell for less than they bought for, right? So to determine the "floor" price you take the amount bought (70 million) and divide by the amount raised in timestamp USD (Probably around $30 million). Or around .43 cents. However, a lot of people are going to just look at the final USD totals (probably around 45 million) and use that number instead or about .64 cents. In addition a lot of early investors have seen their spent GAME go up 400% and their spent BTC go up 200% and so they will probably not be looking to sell at anything less than 3-6x their original investment or around $1.25-2.50.
So these market forces along with potential announcements will determine the market price for one MGO. Then that price will be multiplied by 100 million to get the total market cap.
Right now I'm categorizing coins by hold or not.
Scouting ICO's
seeing the value in the future of some coins and others that look like scams. Trying to find the teams behind them this is where @Spectrum is a guru.
Like I said man this is just the tip.
This is going to fund a future.
XRP is a forget about it coin. On my Blockfolio i have no forget about it coins on there because they're there for the long run. I have the coins that I bought into that are iffy and are primed to go on a run so I can get out before It's too late or cash in on a high.
Xrp/DGB/SC/Strat - no need to check on them. They're going to go up and down then up twice as high.
yeah. i pulled from xrp to buy other coins, and i might pull from it one more time. but i am holding on to the rest of it. thats why i am hoping for the $10 someday. that will be the icing on the cake for me and i will be good.
Don't pull from xrp. Just forget you even have XRP
I don't even know how much I have exactly because I don't even log into the places I have them regularly.
I wanna be 100% sure. On Kraken XLM Stellar is the exact same currency as STR Stellar on Poloniex.
Just wanna be sure before I completely make my exodus from Polo.
Just wanna be sure before I completely make my exodus from Polo.
anybody following the alerts from cryptoping?
it's telling me to by dash and GNT on bittrex
it's telling me to by dash and GNT on bittrex
i don't know what it is on polo
but the coin is stellar lumen and the acronym is XLM everywhere that coin is.
https://www.investitin.com/cryptocurrency-altcoin-investing/
CryptoCurrency Investing: Research and Due-Diligence.
Jim ReynoldsMarch 19, 20170 Comments
How to perform your own due-diligence
before investing in CryptoCurrencies?
One key lesson from Jim Rogers on investing is “to do your own thinking”. This article will help you understand cryptocurrencies. If you are an altcoin investor (An Altcoin is a cryptocurrency which is not Bitcoin), fundamental analysis will help you choose the ones with long-term potential.
How to invest and research in Cryptocurrency, Altcoins and Bitcoin?
All investments have pros and cons. A Cryptocurrency investor needs to look for the cons first, as some are definite deal breakers. If they exist, it is not worth investing more time in researching the crypto-currency.
Finding the right information about Crypto-Currencies is challenging because:
What are the core reasons to invest in an Altcoin?
oin to exist is to serve its users, the only reason why users will engage with an altcoin is, if it is solving a problem they have. Some Altcoins promise to solve problems we did not know we had, for example, LBRY is creating a pay-to-view content system, while others such as Crown Coin, Dash and deCRED are variants of Bitcoin. They are solving the same key problem in different ways. An investor needs to predict who will be the best at it.
Others like EDC and iEx.ec are bringing blockchain or decentralisation to problems which have been addressed by centralised solutions. For an Altcoin to have the wind blowing in its sails, it needs to get the very basic core mission both right the functionally, the context and the timing right.
CryptoCurrency Marketing and Branding
an important benchmark for investors
Branding, Marketing and Visibility:
Marketing is everything. Without knowing about a solution, how can that solution be applied to a users problems? Marketing is about informing the market of the solution.
Branding is about the trust between the Cryptocurrency and its potential investors first; actual users usually will come in later. A hyperinflation ultimately occurs because the users of a currency lose trust in it, but the inverse is also true. Hyper re-valuations (Manias?) occur when many new investors want to buy in the belief that the actual users will come in later.
Re-branding is not an uncommon thing in the crypto space, as an altcoin goes through periods of maturation so does its brand image. Frequent re-brandings are a sign of frequent changes of strategy (or trying to hide something). Frequent and recent re-brands throughout an Altcoins life are not a good indication of future strategic decisions.
Media Coverage
Positive mentions in crypto-media outlets such as Cointelegraph.com, CryptoCoinsNews.com and Altcoin Reviews all add credibility to Altcoin when discussed in positive terms.
More street cred is accumulated when the media mentions are outside of the crypto universe. Editorials and articles in Forbes, Bloomberg, Nasdaq add more authority and credibility to an Altcoin. Coverage in general newspapers and news media are indicators of mainstream interest.
Altcoin Social Proof
How many other investors/users believe in the project?
Coin market cap or the total value of a crypto-coin is also a form of social proof. The total value of a coin is the result of investors voting with their wallets for the coin or against.
Cult Factor
Cryptocurrency developers and spoke persons, give a face to the project, they consolidate information and can be the champions and evangelists. Spreading the idea and solution to the masses. Any U-turn by these coin champions can have serious adverse effects on the coin’s value. These spokespeople become key influencers because naive investors delegate their thinking to them.
When high profile coin spokespersons jump from one bandwagon to other many investors could follow and the results could be cataclysmic.
Altcoin development team and technology
The core value of any project is the functionality of the coin. (and how many people know about it and trust it)
New technologies bring new risks. For example, the now famous DAO hack was the product of a bug in a new smart contract technology. Such breakages in the technology can have different impacts. The DAO was destroyed, but in other instances, it serves as a resilience exercise.
In general when something in the cryptocurrency ecosystem “breaks down” it does not help the cryptocurrency investor as mainstream adoption is postponed with each of these negative events.
Price, Market and Exchanges
Altcoin pumping and dumping:
Altcoins usually have a core following which are true believers in the project. These believers are a mix of the founders, developers and those with a vested interested in seeing this coin flourish either ideologically, or for monetary reasons. These groups will promote the pros and try to find solutions to the cons.
There will be other groups who market more the disadvantages of a specific coin over the advantages. This group will be made up of believers in the competing coins and those who missed out on the ICO or buying the coin at lower prices.
Some pumps are focused around a certain new feature being released others can be more structural such as regulation changes, a breakdown or an increase in the competition.
Trying to follow the pumps and dumps is the job of the market makers and the day traders. Other investors choose, not to roll with that roller coaster and focus on the long term fundamentals of the cryptos.
Malicious market makers, pump and dump coins while they skim money from both the greedy investor and the fearful investor. The pumps take place through a hype, promises and fear of losing out.
Some pumps are phenomenal for example between Jan and Feb 2017 Dash doubled in price. Such a rise in price needs to be sustained to be of any value to the buy and hold crypto investor. If the prices go up and then comes crashing down, investor confidence erodes each time this takes place.
Can the price of a crypto-currency be manipulated easily by external agents intent on causing harm? This question is more important in the future than today, when investors will be able to invest in cryptocurrency ETFs. When these are approved by the SEC, these ETFs can be used to do naked short selling. This system allows speculators to bet on the downside of a coin, this is done without owning any of the actual coins hence the term “naked”.
Altcoin Economics
Altcoin History
To me, an Altcoin encompasses the mindset of the founders, the whitepaper, the connection and interaction between the market and the Altcoin developers.
Some Altcoins are scam coins by design, others have good intentions but are implemented badly or too weakly, or the competition is too overwhelming. The past is no guarantee of the future, but the future’s foundations are laid down in the past.
Crypto-Currency Regulation challenges
Regulators have the power to destroy the viability of a cryptocurrency overnight, at least within their own borders. Indeed cryptocurrencies are somewhat resilient to such an attack because of their decentralised design. However, the owners of such cryptocurrencies are not. Probably 99% of cryptocurrency holders are good, law abiding citizens.
If a cryptocurrency is declared, investors holding it will probably dump it. The risk to themselves and families will be too high and impossible to mitigate. There are some variables which increase the power of the regulators and the likelihood of being targeted, for example:
Does an altcoin:
Regulators of particular jurisdictions which maintain the status quo or openly accept BlockChain technology push cryptocurrencies more in the mainstream.
Private forms of public blockchain oversight such as companies which monitor blockchains for illicit activities help regulators and discourage illegal use of cryptos. Others firms rank ICOs (Wings.ai, IcoRating ) and this helps private investors make informed decisions.
Another school of thought considers that all forms of impediments thrown at a cryptocurrency only serve to make it stronger. Cryptocurrencies will evolve and change shape to either outsmart, evade or adopt to regulators. Regulations will act like natural forces which will take the weak out and make the stronger more resilient to outside influences.
Regulators have issues with anonymity, and not privacy, blockchains by default provide privacy, and some cryptos build layers of anonymity on top, this is where regulators are most likely to clash with altcoins. If Altcoins are the new Panama, Governments will do everything in their power to stop their use as illegal tax avoidance vehicles.
Scam Warnings from regulators and rating agencies.
Some governments have issued notices concerning particular cryptocurrencies; this is a sign for investors that such coins need closer scrutiny especially when such announcements target a specific Altcoin rather than the who crypto space.
Investors should take a much deeper look at this altcoin, both because of the regulatory threat itself and the possibility that the altcoin is an outright scam or has MLM (multi-level marketing) or scam like tactics/mechanics.
Centralised / Decentralised Network and Governance
These two attributes have both their pros and cons.
Centralization brings the perils of cult figures and centralised points of attack, but they also bring the benefits of better coordination, deployment of resources and central points of contact for support and media.
Centralisation of development could be a threat to currency. For Example, Monero an anonymous crypto-currency has a public spokesperson. In a recent podcast, he stated that he was worried at times being too much in the limelight. If someone wants to lash out at a certain crypto, the people who are the face of that crypto make prime targets.
deCRED has a decentralised development structure, and this gives it strength regarding towards expanding it’s functionality, but it is more challenging to integrate code coming from different developers.
Most of Crown Coin’s developers are anonymous; this gives potential entities who would like to disturb the coin network much less of a clear target. However, it also brings a question mark about the reputation and expertise of the devs. Having said that, they are very accessible through their slack channel.
Centralised / Decentralised Infrastructure.
A lot of Bitcoin mining power is located in China. Miners swarm around cheap sources of electricity. These mining clusters can create weak links in the blockchain as it opens the hashing power up to attack. Especially within jurisdictions vulnerable to state interference and failures of infrastructure points.
Other points of failure include service nodes, master nodes, super nodes, exchanges and other critical infrastructure points which maintain the coin’s value and the ability of users to exchange the coin or use it.
The Future of Bitcoin or the Altcoin
Investing in cryptocurrency can be done by following the momentum and technical analysis of charts. Does this work? Different people have different levels of success with such strategies, the fundamentals approach to investing has worked for Warren Buffet and there is no reason why it should not work in for cryptocurrency investors. In addition to fundamental analysis dollar cost averaging is also an important investing strategy. Buy low and Sell High!
Jim Reynolds
CryptoCurrency Investing: Research and Due-Diligence.
Jim ReynoldsMarch 19, 20170 Comments
How to perform your own due-diligence
before investing in CryptoCurrencies?
One key lesson from Jim Rogers on investing is “to do your own thinking”. This article will help you understand cryptocurrencies. If you are an altcoin investor (An Altcoin is a cryptocurrency which is not Bitcoin), fundamental analysis will help you choose the ones with long-term potential.
How to invest and research in Cryptocurrency, Altcoins and Bitcoin?
All investments have pros and cons. A Cryptocurrency investor needs to look for the cons first, as some are definite deal breakers. If they exist, it is not worth investing more time in researching the crypto-currency.
Finding the right information about Crypto-Currencies is challenging because:
- Concrete info is hard to find or does not yet exist
- Verifying that the source of the information is reliable is challenging
- Understanding the information itself can be beyond the inventors technical understanding. Some layers of technology in new Altcoins are still at white paper stage and not yet proven.
- It takes time to read, understand, question and assimilate.
What are the core reasons to invest in an Altcoin?
- What problem is the Cryptocurrency trying to solve – what is the use case?
- How big is the problem that the solution is trying to address?
- Have others tried to solve the problem before?
- If they are no longer around why did they fail?
- Is this problem being solved in some other way?
- Are the alternatives to address this problem more efficient?
- In the case of an ICO what does the whitepaper specify and what does it leave out?
- Is the Altcoin structured with central control or a decentralised governance?
- Is the reason for Coin’s existence clear? (In March 2017 Bitcoin has an identity crisis, should it be a store of value or a mainstream currency)
- How much of the price of the cryptocurrency is based on the value being delivered today and how much is it based on future promises of development?
Others like EDC and iEx.ec are bringing blockchain or decentralisation to problems which have been addressed by centralised solutions. For an Altcoin to have the wind blowing in its sails, it needs to get the very basic core mission both right the functionally, the context and the timing right.
CryptoCurrency Marketing and Branding
an important benchmark for investors
Branding, Marketing and Visibility:
- What is the marketing stance and strategy of the altcoin?
- How sophisticated is the marketing?
- Does the coin have the right branding adapted to the problem it is solving?
- How many times has the altcoin re-branded and why?
- Does the Altcoin use MLM tactics?
- Is the Altcoin know only among cryptocurrency users?
Marketing is everything. Without knowing about a solution, how can that solution be applied to a users problems? Marketing is about informing the market of the solution.
Branding is about the trust between the Cryptocurrency and its potential investors first; actual users usually will come in later. A hyperinflation ultimately occurs because the users of a currency lose trust in it, but the inverse is also true. Hyper re-valuations (Manias?) occur when many new investors want to buy in the belief that the actual users will come in later.
Re-branding is not an uncommon thing in the crypto space, as an altcoin goes through periods of maturation so does its brand image. Frequent re-brandings are a sign of frequent changes of strategy (or trying to hide something). Frequent and recent re-brands throughout an Altcoins life are not a good indication of future strategic decisions.
Media Coverage
Positive mentions in crypto-media outlets such as Cointelegraph.com, CryptoCoinsNews.com and Altcoin Reviews all add credibility to Altcoin when discussed in positive terms.
More street cred is accumulated when the media mentions are outside of the crypto universe. Editorials and articles in Forbes, Bloomberg, Nasdaq add more authority and credibility to an Altcoin. Coverage in general newspapers and news media are indicators of mainstream interest.
Altcoin Social Proof
How many other investors/users believe in the project?
- Who are the whales in the altcoin and what are their intentions? (Not easy to find out!)
- How many Twitter followers does the coin have?
- What is the activity of the coin # tag or $ tag?
- What is the length of the Bitcointalk thread?
(Quality and Quantity matter) - How many visits does the coin website get?
- What is the slack activity and tone?
Coin market cap or the total value of a crypto-coin is also a form of social proof. The total value of a coin is the result of investors voting with their wallets for the coin or against.
Cult Factor
Cryptocurrency developers and spoke persons, give a face to the project, they consolidate information and can be the champions and evangelists. Spreading the idea and solution to the masses. Any U-turn by these coin champions can have serious adverse effects on the coin’s value. These spokespeople become key influencers because naive investors delegate their thinking to them.
When high profile coin spokespersons jump from one bandwagon to other many investors could follow and the results could be cataclysmic.
Altcoin development team and technology
The core value of any project is the functionality of the coin. (and how many people know about it and trust it)
- What is the new tech that the altcoin is developing? (if any)
- Is the technology an informatics one or something else such as a governance model?
- How is the new tech being applied to create a more effective solution to the problem being addressed?
- Can the solution be easily copied?
- What is unique about the team behind this altcoin?
- What are the weaknesses of the development team?
- Are the dev team accessible?
- Are their identities public?
- What is is the tone of their posts on Twitter and Bitcointalk?
New technologies bring new risks. For example, the now famous DAO hack was the product of a bug in a new smart contract technology. Such breakages in the technology can have different impacts. The DAO was destroyed, but in other instances, it serves as a resilience exercise.
In general when something in the cryptocurrency ecosystem “breaks down” it does not help the cryptocurrency investor as mainstream adoption is postponed with each of these negative events.
Price, Market and Exchanges
- Does the price pump and dump cycle make sense?
- Is it connected with actual events that add value to the currency?
- Is all the market rising or just the cryptocurrency in question?
- On what volume was the price increase or decrease done?
- Which exchanges accept the altcoin?
- Is the coin being used by true users or by investor/speculators?
- How many businesses accept the altcoin directly? How many accept it through shapeshift?
Altcoin pumping and dumping:
Altcoins usually have a core following which are true believers in the project. These believers are a mix of the founders, developers and those with a vested interested in seeing this coin flourish either ideologically, or for monetary reasons. These groups will promote the pros and try to find solutions to the cons.
There will be other groups who market more the disadvantages of a specific coin over the advantages. This group will be made up of believers in the competing coins and those who missed out on the ICO or buying the coin at lower prices.
Some pumps are focused around a certain new feature being released others can be more structural such as regulation changes, a breakdown or an increase in the competition.
Trying to follow the pumps and dumps is the job of the market makers and the day traders. Other investors choose, not to roll with that roller coaster and focus on the long term fundamentals of the cryptos.
Malicious market makers, pump and dump coins while they skim money from both the greedy investor and the fearful investor. The pumps take place through a hype, promises and fear of losing out.
Some pumps are phenomenal for example between Jan and Feb 2017 Dash doubled in price. Such a rise in price needs to be sustained to be of any value to the buy and hold crypto investor. If the prices go up and then comes crashing down, investor confidence erodes each time this takes place.
Can the price of a crypto-currency be manipulated easily by external agents intent on causing harm? This question is more important in the future than today, when investors will be able to invest in cryptocurrency ETFs. When these are approved by the SEC, these ETFs can be used to do naked short selling. This system allows speculators to bet on the downside of a coin, this is done without owning any of the actual coins hence the term “naked”.
Altcoin Economics
- What is the inflation rate or deflation rate of the altcoin?
- How much is Altcoin currency will be generated over time?
- When will the last cryptocurrency be generated?
- Is the altcoin a PoS (Proof of Stake) or a PoW (Proof of Work)?
- If it is a PoS, what was the distribution model?
Altcoin History
- Is the coin progressing towards its goal?
- How much has it progressed in the past?
- Was the coin insta-mined or pre-mined?
- Was that money put to good use?
- Did the creators announce the exact launch time and date of the coin?
- Was the spec of the coin launched before or after the launch?
- Who are the most prominent proponents and what is their history with the altcoin?
- Who are the most influential critics and what have they commented on the altcoin in the past?
- How has the altcoin changed over time?
To me, an Altcoin encompasses the mindset of the founders, the whitepaper, the connection and interaction between the market and the Altcoin developers.
Some Altcoins are scam coins by design, others have good intentions but are implemented badly or too weakly, or the competition is too overwhelming. The past is no guarantee of the future, but the future’s foundations are laid down in the past.
Crypto-Currency Regulation challenges
Regulators have the power to destroy the viability of a cryptocurrency overnight, at least within their own borders. Indeed cryptocurrencies are somewhat resilient to such an attack because of their decentralised design. However, the owners of such cryptocurrencies are not. Probably 99% of cryptocurrency holders are good, law abiding citizens.
If a cryptocurrency is declared, investors holding it will probably dump it. The risk to themselves and families will be too high and impossible to mitigate. There are some variables which increase the power of the regulators and the likelihood of being targeted, for example:
Does an altcoin:
- Focus on a particular market, which is highly controversial?
- Focus on one particular region?
- Allow Anonymous transactions?
- Is popular on the dark web?
- Has been classified as a scam coin?
- Has some mechanism which can be quickly disturbed by regulators? (Ex: A centralised website)
- Is it the infrastructure of the altcoin such as nodes, or mining located within the borders of a particular jurisdiction?
Regulators of particular jurisdictions which maintain the status quo or openly accept BlockChain technology push cryptocurrencies more in the mainstream.
Private forms of public blockchain oversight such as companies which monitor blockchains for illicit activities help regulators and discourage illegal use of cryptos. Others firms rank ICOs (Wings.ai, IcoRating ) and this helps private investors make informed decisions.
Another school of thought considers that all forms of impediments thrown at a cryptocurrency only serve to make it stronger. Cryptocurrencies will evolve and change shape to either outsmart, evade or adopt to regulators. Regulations will act like natural forces which will take the weak out and make the stronger more resilient to outside influences.
Regulators have issues with anonymity, and not privacy, blockchains by default provide privacy, and some cryptos build layers of anonymity on top, this is where regulators are most likely to clash with altcoins. If Altcoins are the new Panama, Governments will do everything in their power to stop their use as illegal tax avoidance vehicles.
Scam Warnings from regulators and rating agencies.
Some governments have issued notices concerning particular cryptocurrencies; this is a sign for investors that such coins need closer scrutiny especially when such announcements target a specific Altcoin rather than the who crypto space.
Investors should take a much deeper look at this altcoin, both because of the regulatory threat itself and the possibility that the altcoin is an outright scam or has MLM (multi-level marketing) or scam like tactics/mechanics.
Centralised / Decentralised Network and Governance
- Is the coin management and network centralised or decentralised?
These two attributes have both their pros and cons.
Centralization brings the perils of cult figures and centralised points of attack, but they also bring the benefits of better coordination, deployment of resources and central points of contact for support and media.
Centralisation of development could be a threat to currency. For Example, Monero an anonymous crypto-currency has a public spokesperson. In a recent podcast, he stated that he was worried at times being too much in the limelight. If someone wants to lash out at a certain crypto, the people who are the face of that crypto make prime targets.
deCRED has a decentralised development structure, and this gives it strength regarding towards expanding it’s functionality, but it is more challenging to integrate code coming from different developers.
Most of Crown Coin’s developers are anonymous; this gives potential entities who would like to disturb the coin network much less of a clear target. However, it also brings a question mark about the reputation and expertise of the devs. Having said that, they are very accessible through their slack channel.
Centralised / Decentralised Infrastructure.
A lot of Bitcoin mining power is located in China. Miners swarm around cheap sources of electricity. These mining clusters can create weak links in the blockchain as it opens the hashing power up to attack. Especially within jurisdictions vulnerable to state interference and failures of infrastructure points.
Other points of failure include service nodes, master nodes, super nodes, exchanges and other critical infrastructure points which maintain the coin’s value and the ability of users to exchange the coin or use it.
The Future of Bitcoin or the Altcoin
- How many resources are available to maintain development and marketing of the coin?
- How long will these resources last?
- Does the development team and the marketing team have “skin in the game”?
- Is it short term or long term?
- Are there competing technologies on the horizon threatening block chain as we know it?
- Are there events such as a drop in mining rewards on the horizon?
- What is the extendt of funds tied in masternodes or crypto-bonds?
- Will their release flood the market?
Investing in cryptocurrency can be done by following the momentum and technical analysis of charts. Does this work? Different people have different levels of success with such strategies, the fundamentals approach to investing has worked for Warren Buffet and there is no reason why it should not work in for cryptocurrency investors. In addition to fundamental analysis dollar cost averaging is also an important investing strategy. Buy low and Sell High!
Jim Reynolds
Interesting chart....
https://www.cryptocompare.com/mining/guides/how-to-build-an-ethereum-mining-rig/
How to build an Ethereum mining rig
29 comments Thursday, 29 Sep 2016 09:21 87.84 K
This guide is going to show you how to build an Ethereum Mining rig yourself which has two main steps - choosing and sourcing your equipment and then putting it together! Depending on times its probably going to take you a week or so to get all the pieces and then another half a day fiddling with configurations etc. Its the same as building your own computer normally but with a few extra considerations that mainly involve which GPU's you pick.
Sourcing your Equipment
Your going to have to get hold of a fair few components and the costs stack up quite quickly:
1) A MotherBoard - A motherboard is the brain of the computer and is what you build everything onto - the base of your mining rig. The main feature you are looking for in a motherboard is the number of GPU slots it has as this will determine how many graphics cards or GPU's it can fit - and in the end your total hashing power. 3 PCI Express slots will mean you can fit 3 x Radeon HD 7950 with a hashrate of 20 MH/s each - or a total hashing power of 60 MH/s. A PCI Express slot is a connection port on the motherboard and looks like the picture below - they are often coloured white but can be beige - you can get other types of slots but most GPU's work on a PCI express.
We used the GA-Z97X-Gaming 3 which you can get here!2) Graphics Card - Pick your GPUs! Some graphics cards cost a fortune but don't hash much whilst some are more reasonable but use more power. Ultimately its a balance between how powerful you want your rig to be and how much you want to spend - but a word to the wise - make sure you pick an efficient GPU. You can buy second hand GPU's from reputable providers such as GPU Shack - be careful though when you buy them off a street corner as often they have problems that you won't see until you get the card home and plugged in.
We have a list of GPU's here that you can sort through and work out what fits your budget.
Another issue you can have with your graphics cards and your motherboard is that they just won't all fit in together nicely because of the spacing on the motherboard between the PCI Express slots. Fear not - you can use a GPU riser that is basically an extension cable for a PCI Express slot. Some graphics cards are really quite bulky so be careful when you are making your selection. You can get a riser here.
3) Hard Drive - You need a hard drive to store your operating system and your software for mining. A standard SSD drive will do (an SSD hard drive is just a storage device and is called solid state as there aren't moving bits which can break). The size will depend on what you are planning to do when mining. If you are planning to download the entire blockchain and mine as shown in this guide here - then you will need to take into account how big the blockchain will become and need to spend a little more. If you are just going to mine ethereum as part of a pool then you don't need to store the blockchain and can get a smaller SSD drive. We used the SSDNow V300 120GB. Buy it here.4) RAM - or Random Access Memory - this is a basic component in any computer is basically a scratchpad for jotting down calculations and recalling information quickly in a computer. 4GB should do the job.
You can get some here.5. A PSU or Power Supply Unit - Power supply units come in many sizes and this can trip some people up when they are looking at calculating what size they need. You need to sum up the power consumption of your GPU and all the other components and make sure your power supply has the capability to supply more! So if you have two GPU's that consumes 220 Watts and other components that need 250 Watts then you can get away with a 750 Watt power supply unit as the total power needed is only 690Watts.
If you are building a "mega rig" which has 6 GPU's you might find it more cost effective to have two separate power supplies because at 750 Watts and $100 each rather than a 1500 W and $300 dollars!We got a Seasonic 1200 Watt which you can buy here.6) A Case - Again this can be quite a difficult choice to make as it will depend on your GPU's and whether you are using GPU risers. You don't want components sitting on top of each other as there is a fire hazard potentially. You can leave the whole system open air or even build your own case to give it that personalised touch. You can buy off the shelf rigs from a couple of providers - for example SW mining here have their own set of rigs that take up to a week to ship. They do all the hard work for you.
Alternatively you can source some of you components from gpuShack, on our second mining rig we are using the MOBO/CPU/RAM/SSD Bundle for 5 GPUs. Remember to use the promo code CRYPTOCOMPARE gets 5% discount off your purchase.
Putting it together
As mentioned make sure your power supply unit can handle the Graphics cards and that you have risers capable of placing extra GPU's in a safe location. Make sure all the connections are in nicely and everything is held together firmly.
A word on positioning. GPU's can get hot - especially if you overclock them so be sure to get the best bang for your buck - and to be safe to place your rig in a well ventilated area so it doesn't overheat.
Once it switches on you need to make sure all the software is there for you to get it mining!
Software for your Rig
The first thing you need to do is install an operating system on your computer. For the more technically minded there is linux Ubuntu but for the majority Windows is probably best as it automates installing drivers for your computer to talk correctly amongst all the components. The advantage of Ubuntu is it gives you more options and its free!
You can donwload EthOs which is a specifically designed APP for Ethereum Mining - you can read more about this here but its a great way of having a bespoke mining system for your rigs and GPU's to manage them!
Once you have installed the operating system there are two ways you can mine:
How to build an Ethereum mining rig
29 comments Thursday, 29 Sep 2016 09:21 87.84 K
This guide is going to show you how to build an Ethereum Mining rig yourself which has two main steps - choosing and sourcing your equipment and then putting it together! Depending on times its probably going to take you a week or so to get all the pieces and then another half a day fiddling with configurations etc. Its the same as building your own computer normally but with a few extra considerations that mainly involve which GPU's you pick.
Sourcing your Equipment
Your going to have to get hold of a fair few components and the costs stack up quite quickly:
1) A MotherBoard - A motherboard is the brain of the computer and is what you build everything onto - the base of your mining rig. The main feature you are looking for in a motherboard is the number of GPU slots it has as this will determine how many graphics cards or GPU's it can fit - and in the end your total hashing power. 3 PCI Express slots will mean you can fit 3 x Radeon HD 7950 with a hashrate of 20 MH/s each - or a total hashing power of 60 MH/s. A PCI Express slot is a connection port on the motherboard and looks like the picture below - they are often coloured white but can be beige - you can get other types of slots but most GPU's work on a PCI express.
We used the GA-Z97X-Gaming 3 which you can get here!2) Graphics Card - Pick your GPUs! Some graphics cards cost a fortune but don't hash much whilst some are more reasonable but use more power. Ultimately its a balance between how powerful you want your rig to be and how much you want to spend - but a word to the wise - make sure you pick an efficient GPU. You can buy second hand GPU's from reputable providers such as GPU Shack - be careful though when you buy them off a street corner as often they have problems that you won't see until you get the card home and plugged in.
We have a list of GPU's here that you can sort through and work out what fits your budget.
3) Hard Drive - You need a hard drive to store your operating system and your software for mining. A standard SSD drive will do (an SSD hard drive is just a storage device and is called solid state as there aren't moving bits which can break). The size will depend on what you are planning to do when mining. If you are planning to download the entire blockchain and mine as shown in this guide here - then you will need to take into account how big the blockchain will become and need to spend a little more. If you are just going to mine ethereum as part of a pool then you don't need to store the blockchain and can get a smaller SSD drive. We used the SSDNow V300 120GB. Buy it here.4) RAM - or Random Access Memory - this is a basic component in any computer is basically a scratchpad for jotting down calculations and recalling information quickly in a computer. 4GB should do the job.
You can get some here.5. A PSU or Power Supply Unit - Power supply units come in many sizes and this can trip some people up when they are looking at calculating what size they need. You need to sum up the power consumption of your GPU and all the other components and make sure your power supply has the capability to supply more! So if you have two GPU's that consumes 220 Watts and other components that need 250 Watts then you can get away with a 750 Watt power supply unit as the total power needed is only 690Watts.
If you are building a "mega rig" which has 6 GPU's you might find it more cost effective to have two separate power supplies because at 750 Watts and $100 each rather than a 1500 W and $300 dollars!We got a Seasonic 1200 Watt which you can buy here.6) A Case - Again this can be quite a difficult choice to make as it will depend on your GPU's and whether you are using GPU risers. You don't want components sitting on top of each other as there is a fire hazard potentially. You can leave the whole system open air or even build your own case to give it that personalised touch. You can buy off the shelf rigs from a couple of providers - for example SW mining here have their own set of rigs that take up to a week to ship. They do all the hard work for you.
Alternatively you can source some of you components from gpuShack, on our second mining rig we are using the MOBO/CPU/RAM/SSD Bundle for 5 GPUs. Remember to use the promo code CRYPTOCOMPARE gets 5% discount off your purchase.
Putting it together
As mentioned make sure your power supply unit can handle the Graphics cards and that you have risers capable of placing extra GPU's in a safe location. Make sure all the connections are in nicely and everything is held together firmly.
A word on positioning. GPU's can get hot - especially if you overclock them so be sure to get the best bang for your buck - and to be safe to place your rig in a well ventilated area so it doesn't overheat.
Once it switches on you need to make sure all the software is there for you to get it mining!
Software for your Rig
The first thing you need to do is install an operating system on your computer. For the more technically minded there is linux Ubuntu but for the majority Windows is probably best as it automates installing drivers for your computer to talk correctly amongst all the components. The advantage of Ubuntu is it gives you more options and its free!
You can donwload EthOs which is a specifically designed APP for Ethereum Mining - you can read more about this here but its a great way of having a bespoke mining system for your rigs and GPU's to manage them!
Once you have installed the operating system there are two ways you can mine:
- Solo Mining - Solo mining means its you against the rest. If your hash is correct you win the block reward. But with a rig of 60 MH/s and a network hashing power of 1.2 GH you aren't going to get ether very often. The other issue is you have to download the blockchain for yourself. See our guide here on how to solo mine ethereum.
- Pool Mining - This is where you team up with other miners to reduce the volatility of your returns. This means whether you get 5 ethere every 5 days or 1 ether every day. The advantage of this is you get a continuous stream of ether and you don't have to download the entire blockchain. Check out our guide on how to mine ethereum as part of a pool here.
Fucking Coinbase is not recognizing new credit cards for funding sources when you sign up. Its also locking people out for 24 hours....
Interesting chart....
but seriously tho...this is why I like those $0.00x, $0.000x, or $0.0000x coins...you don't even have to dump 10k into it to come up...it's just a matter of determining if it has long-term staying power when you find one
https://www.investitin.com/cryptocurrency-altcoin-investing/
CryptoCurrency Investing: Research and Due-Diligence.
Jim ReynoldsMarch 19, 20170 Comments
How to perform your own due-diligence
before investing in CryptoCurrencies?
One key lesson from Jim Rogers on investing is “to do your own thinking”. This article will help you understand cryptocurrencies. If you are an altcoin investor (An Altcoin is a cryptocurrency which is not Bitcoin), fundamental analysis will help you choose the ones with long-term potential.
How to invest and research in Cryptocurrency, Altcoins and Bitcoin?
All investments have pros and cons. A Cryptocurrency investor needs to look for the cons first, as some are definite deal breakers. If they exist, it is not worth investing more time in researching the crypto-currency.
Finding the right information about Crypto-Currencies is challenging because:
CryptoCurrency Investing Fundamentals.
- Concrete info is hard to find or does not yet exist
- Verifying that the source of the information is reliable is challenging
- Understanding the information itself can be beyond the inventors technical understanding. Some layers of technology in new Altcoins are still at white paper stage and not yet proven.
- It takes time to read, understand, question and assimilate.
What are the core reasons to invest in an Altcoin?
The fundamental reason for a cryptocurrency such as Bitcoin or an Altc
- What problem is the Cryptocurrency trying to solve – what is the use case?
- How big is the problem that the solution is trying to address?
- Have others tried to solve the problem before?
- If they are no longer around why did they fail?
- Is this problem being solved in some other way?
- Are the alternatives to address this problem more efficient?
- In the case of an ICO what does the whitepaper specify and what does it leave out?
- Is the Altcoin structured with central control or a decentralised governance?
- Is the reason for Coin’s existence clear? (In March 2017 Bitcoin has an identity crisis, should it be a store of value or a mainstream currency)
- How much of the price of the cryptocurrency is based on the value being delivered today and how much is it based on future promises of development?
oin to exist is to serve its users, the only reason why users will engage with an altcoin is, if it is solving a problem they have. Some Altcoins promise to solve problems we did not know we had, for example, LBRY is creating a pay-to-view content system, while others such as Crown Coin, Dash and deCRED are variants of Bitcoin. They are solving the same key problem in different ways. An investor needs to predict who will be the best at it.
Others like EDC and iEx.ec are bringing blockchain or decentralisation to problems which have been addressed by centralised solutions. For an Altcoin to have the wind blowing in its sails, it needs to get the very basic core mission both right the functionally, the context and the timing right.
CryptoCurrency Marketing and Branding
an important benchmark for investors
Branding, Marketing and Visibility:
If they do not know about you, you do not exist.
- What is the marketing stance and strategy of the altcoin?
- How sophisticated is the marketing?
- Does the coin have the right branding adapted to the problem it is solving?
- How many times has the altcoin re-branded and why?
- Does the Altcoin use MLM tactics?
- Is the Altcoin know only among cryptocurrency users?
Marketing is everything. Without knowing about a solution, how can that solution be applied to a users problems? Marketing is about informing the market of the solution.
Branding is about the trust between the Cryptocurrency and its potential investors first; actual users usually will come in later. A hyperinflation ultimately occurs because the users of a currency lose trust in it, but the inverse is also true. Hyper re-valuations (Manias?) occur when many new investors want to buy in the belief that the actual users will come in later.
Re-branding is not an uncommon thing in the crypto space, as an altcoin goes through periods of maturation so does its brand image. Frequent re-brandings are a sign of frequent changes of strategy (or trying to hide something). Frequent and recent re-brands throughout an Altcoins life are not a good indication of future strategic decisions.
Media Coverage
Positive mentions in crypto-media outlets such as Cointelegraph.com, CryptoCoinsNews.com and Altcoin Reviews all add credibility to Altcoin when discussed in positive terms.
More street cred is accumulated when the media mentions are outside of the crypto universe. Editorials and articles in Forbes, Bloomberg, Nasdaq add more authority and credibility to an Altcoin. Coverage in general newspapers and news media are indicators of mainstream interest.
Altcoin Social Proof
How many other investors/users believe in the project?
This is one of the most important metrics to evaluate a cryptocurrency as it is the results of all the other metrics combined.
- Who are the whales in the altcoin and what are their intentions? (Not easy to find out!)
- How many Twitter followers does the coin have?
- What is the activity of the coin # tag or $ tag?
- What is the length of the Bitcointalk thread?
(Quality and Quantity matter)- How many visits does the coin website get?
- What is the slack activity and tone?
Coin market cap or the total value of a crypto-coin is also a form of social proof. The total value of a coin is the result of investors voting with their wallets for the coin or against.
Cult Factor
Cryptocurrency developers and spoke persons, give a face to the project, they consolidate information and can be the champions and evangelists. Spreading the idea and solution to the masses. Any U-turn by these coin champions can have serious adverse effects on the coin’s value. These spokespeople become key influencers because naive investors delegate their thinking to them.
When high profile coin spokespersons jump from one bandwagon to other many investors could follow and the results could be cataclysmic.
Altcoin development team and technology
The core value of any project is the functionality of the coin. (and how many people know about it and trust it)
Bitcoin has proven itself over and over again, although many have sung to its obituary. Most Altcoins have either modified the Bitcoin’s block chain code or created an entirely new blockchain tech.
- What is the new tech that the altcoin is developing? (if any)
- Is the technology an informatics one or something else such as a governance model?
- How is the new tech being applied to create a more effective solution to the problem being addressed?
- Can the solution be easily copied?
- What is unique about the team behind this altcoin?
- What are the weaknesses of the development team?
- Are the dev team accessible?
- Are their identities public?
- What is is the tone of their posts on Twitter and Bitcointalk?
New technologies bring new risks. For example, the now famous DAO hack was the product of a bug in a new smart contract technology. Such breakages in the technology can have different impacts. The DAO was destroyed, but in other instances, it serves as a resilience exercise.
In general when something in the cryptocurrency ecosystem “breaks down” it does not help the cryptocurrency investor as mainstream adoption is postponed with each of these negative events.
Price, Market and Exchanges
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- Does the price pump and dump cycle make sense?
- Is it connected with actual events that add value to the currency?
- Is all the market rising or just the cryptocurrency in question?
- On what volume was the price increase or decrease done?
- Which exchanges accept the altcoin?
- Is the coin being used by true users or by investor/speculators?
- How many businesses accept the altcoin directly? How many accept it through shapeshift?
Altcoin pumping and dumping:
Altcoins usually have a core following which are true believers in the project. These believers are a mix of the founders, developers and those with a vested interested in seeing this coin flourish either ideologically, or for monetary reasons. These groups will promote the pros and try to find solutions to the cons.
There will be other groups who market more the disadvantages of a specific coin over the advantages. This group will be made up of believers in the competing coins and those who missed out on the ICO or buying the coin at lower prices.
Some pumps are focused around a certain new feature being released others can be more structural such as regulation changes, a breakdown or an increase in the competition.
Trying to follow the pumps and dumps is the job of the market makers and the day traders. Other investors choose, not to roll with that roller coaster and focus on the long term fundamentals of the cryptos.
Malicious market makers, pump and dump coins while they skim money from both the greedy investor and the fearful investor. The pumps take place through a hype, promises and fear of losing out.
Some pumps are phenomenal for example between Jan and Feb 2017 Dash doubled in price. Such a rise in price needs to be sustained to be of any value to the buy and hold crypto investor. If the prices go up and then comes crashing down, investor confidence erodes each time this takes place.
Can the price of a crypto-currency be manipulated easily by external agents intent on causing harm? This question is more important in the future than today, when investors will be able to invest in cryptocurrency ETFs. When these are approved by the SEC, these ETFs can be used to do naked short selling. This system allows speculators to bet on the downside of a coin, this is done without owning any of the actual coins hence the term “naked”.
Altcoin Economics
The economics of an altcoin, determine the supply side of the coin. Coin founders amount to the FED of that specific coin, their behaviour needs to be scrutinised as much as that of any central banker!
- What is the inflation rate or deflation rate of the altcoin?
- How much is Altcoin currency will be generated over time?
- When will the last cryptocurrency be generated?
- Is the altcoin a PoS (Proof of Stake) or a PoW (Proof of Work)?
- If it is a PoS, what was the distribution model?
Altcoin History
Within the history of an altcoin, investors can potentially find the virtues, tantrums and the seeds of greatness or otherwise. To go into an Altcoin’s history, investors need to define what is an Altcoin first.
- Is the coin progressing towards its goal?
- How much has it progressed in the past?
- Was the coin insta-mined or pre-mined?
- Was that money put to good use?
- Did the creators announce the exact launch time and date of the coin?
- Was the spec of the coin launched before or after the launch?
- Who are the most prominent proponents and what is their history with the altcoin?
- Who are the most influential critics and what have they commented on the altcoin in the past?
- How has the altcoin changed over time?
To me, an Altcoin encompasses the mindset of the founders, the whitepaper, the connection and interaction between the market and the Altcoin developers.
Some Altcoins are scam coins by design, others have good intentions but are implemented badly or too weakly, or the competition is too overwhelming. The past is no guarantee of the future, but the future’s foundations are laid down in the past.
Crypto-Currency Regulation challenges
Regulators have the power to destroy the viability of a cryptocurrency overnight, at least within their own borders. Indeed cryptocurrencies are somewhat resilient to such an attack because of their decentralised design. However, the owners of such cryptocurrencies are not. Probably 99% of cryptocurrency holders are good, law abiding citizens.
If a cryptocurrency is declared, investors holding it will probably dump it. The risk to themselves and families will be too high and impossible to mitigate. There are some variables which increase the power of the regulators and the likelihood of being targeted, for example:
Does an altcoin:
Regulation can also ake an altcoin stronger:
- Focus on a particular market, which is highly controversial?
- Focus on one particular region?
- Allow Anonymous transactions?
- Is popular on the dark web?
- Has been classified as a scam coin?
- Has some mechanism which can be quickly disturbed by regulators? (Ex: A centralised website)
- Is it the infrastructure of the altcoin such as nodes, or mining located within the borders of a particular jurisdiction?
Regulators of particular jurisdictions which maintain the status quo or openly accept BlockChain technology push cryptocurrencies more in the mainstream.
Private forms of public blockchain oversight such as companies which monitor blockchains for illicit activities help regulators and discourage illegal use of cryptos. Others firms rank ICOs (Wings.ai, IcoRating ) and this helps private investors make informed decisions.
Another school of thought considers that all forms of impediments thrown at a cryptocurrency only serve to make it stronger. Cryptocurrencies will evolve and change shape to either outsmart, evade or adopt to regulators. Regulations will act like natural forces which will take the weak out and make the stronger more resilient to outside influences.
Regulators have issues with anonymity, and not privacy, blockchains by default provide privacy, and some cryptos build layers of anonymity on top, this is where regulators are most likely to clash with altcoins. If Altcoins are the new Panama, Governments will do everything in their power to stop their use as illegal tax avoidance vehicles.
Scam Warnings from regulators and rating agencies.
Some governments have issued notices concerning particular cryptocurrencies; this is a sign for investors that such coins need closer scrutiny especially when such announcements target a specific Altcoin rather than the who crypto space.
Investors should take a much deeper look at this altcoin, both because of the regulatory threat itself and the possibility that the altcoin is an outright scam or has MLM (multi-level marketing) or scam like tactics/mechanics.
Centralised / Decentralised Network and Governance
Centralised / Decentralised are attributes not adjectives. Some attribute centralised, to bad and decentralised to good. Given the spirit of liberty and autonomy in the crypto space, this is a common misconception.
- Is the coin management and network centralised or decentralised?
These two attributes have both their pros and cons.
Centralization brings the perils of cult figures and centralised points of attack, but they also bring the benefits of better coordination, deployment of resources and central points of contact for support and media.
Centralisation of development could be a threat to currency. For Example, Monero an anonymous crypto-currency has a public spokesperson. In a recent podcast, he stated that he was worried at times being too much in the limelight. If someone wants to lash out at a certain crypto, the people who are the face of that crypto make prime targets.
deCRED has a decentralised development structure, and this gives it strength regarding towards expanding it’s functionality, but it is more challenging to integrate code coming from different developers.
Most of Crown Coin’s developers are anonymous; this gives potential entities who would like to disturb the coin network much less of a clear target. However, it also brings a question mark about the reputation and expertise of the devs. Having said that, they are very accessible through their slack channel.
Centralised / Decentralised Infrastructure.
A lot of Bitcoin mining power is located in China. Miners swarm around cheap sources of electricity. These mining clusters can create weak links in the blockchain as it opens the hashing power up to attack. Especially within jurisdictions vulnerable to state interference and failures of infrastructure points.
Other points of failure include service nodes, master nodes, super nodes, exchanges and other critical infrastructure points which maintain the coin’s value and the ability of users to exchange the coin or use it.
The Future of Bitcoin or the Altcoin
Conclusion:
- How many resources are available to maintain development and marketing of the coin?
- How long will these resources last?
- Does the development team and the marketing team have “skin in the game”?
- Is it short term or long term?
- Are there competing technologies on the horizon threatening block chain as we know it?
- Are there events such as a drop in mining rewards on the horizon?
- What is the extendt of funds tied in masternodes or crypto-bonds?
- Will their release flood the market?
Investing in cryptocurrency can be done by following the momentum and technical analysis of charts. Does this work? Different people have different levels of success with such strategies, the fundamentals approach to investing has worked for Warren Buffet and there is no reason why it should not work in for cryptocurrency investors. In addition to fundamental analysis dollar cost averaging is also an important investing strategy. Buy low and Sell High!
Jim Reynolds
great article btw
Make sure you join the Telegram group. The founding team is in there all the time posting. You can get the inside track on their movies. I own a stupid amount of DGB.
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Interesting chart....
What everybody should take away from this is buy and HOLD THAT SHIT. STOP TRYING TO DO QUICK FLIPS AND BE PATIENT!!
I been looking into that Bitbean for a while. Just too cheap to pass up and seeing it on this list I think I might just throw some dollars at it.
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I took his advice and got on Strat when it was at $0.60, sold at $1.40 to get on Digibyte cause my money is stretched thinOH Shit STRAT is on the move the bruh @LegalMoney somewhere like
Glad I followed his lead...I'm ride this to it hits $5 easy though...I can see it by years end...hell mid summer the way it's going.
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