I ran benchmark on my machine, the best benchmark results were 0.000045 BTC/day. This is definitely not for my hardware.
Speaking of which, Forbes had this story:
https://www.forbes.com/sites/kenrapoza/2017/09/03/russia-opens-first-criminal-case-involving-bitcoin/#6fdcfb255b6e
Also, I heard statements like that used to explain while it makes more sense to trade stocks than to speculate on forex/bitcoin.
IN stocks, you actually have portion of the company, and as the company grows, so does the value of your stocks. In speculative markets youāre playing a zero-sum game whose primary purpose is redistributing wealth.
Not sure if it is entirely correct or not.
Stocks are mostly speculation at this point. The entire market is really driven by algorithmic trading and unless youāre deep in it, you have almost no idea whatās āreallyā going on. People who write for trade publications or talk about the market on tv usually have no friggin clue what theyāre talking about. Stock performance is almost completely divorced from any real performance of the underlying company at this point.
In terms of putting money into stock markets, Iād recommend looking at indexes or other automatically balanced baskets.
This kind of thing isnāt fun or exciting though, and if you want to gamble I certainly canāt blame you. Personally though, I prefer casinos. I would never speculate in markets without, at least, professional level data feeds.
I mean it adds that much more to my electric billā¦so I have to subtract that from the āprofitsā
this is a good site for getting estimates:
https://whattomine.com/
I came to a similar realization a few months ago, thinking about buying and selling and buying on margin and short sellingā¦itās moved so incredibly far beyond āinvest in a company and see return [dividends] when they grow.ā Itās not even really about the company anymore.
I think itās a little sad honestly, but I guess thatās just the way it is now.
Iām more interested to see where they move block chain ideologically, bitcoin was an experiment in the free market and the invisible hand, finally free of regulations ā¦ and what happen is exactly what anti capitalist has said would happen, monopoly, centralization and the few profiting vs the many ā¦
But instead of learning the lesson, they moved to fix those issues concretely by designing and testing new protocols (from proof of works to proof of stakes and other strategies), they are basically trying to recreate their ideal vision of how the invisible hand would behave, which is ironic because the whole concept is about ālaissez faireā not have any regulation at all, as the interest of each would keep others in check (that surely didnāt happen). They are basically trying to remake the equivalent of the government, ie a regulating, supposedly neutral, third party.
The thing is while people call the thing a scam, that was the same argument against paper money when it was introduced in Europe (china had millennia of advance as usual). People where highly suspicious of using something that had literally no value and has to be exchange for something of actual value.
And thatās kinda all currencies in a nutshell, they donāt have intrinsic value, they practically work like a ponzi scheme, you place thrust in the backing originator, on thrust of future values, and when he bails out, you are left with nothing, which is exactly what happen when the monetary institution that back the currency fails, ask Greece.
Money fundamentally is a contract based on thrust, you need to enforce it for it to work, you need an authority to regulate it, bitcoin (and cryptocurrency) place their faith into the algorithm as a regulator. Any currency with no thrust just fail, there is an amazing story about the brazilian economy and how thrust was restored by creating a virtual currency to compare the failing one.
The conclusion of my opinion is simply that the future of crypto currency, taken to its logical conclusion is pure science fiction. Currency are contract backed by an institution that have some kind of power to arbitrate litigation, it does that by having a monopoly on coercion (to maintain stability), Crypto currency donāt have that, it open them to abuse, like we have seen with multiple Bitcoin affair (and the many fake alternative created to make quick cash).
The only way to finalize this vision would be to have an all encompassing AI with police bots to be the āneutral partyā with coercion. The future of Cryptocurrency is literally a benevolent skynet, I donāt know if I want that future lol.
Trading slowly is still an option. Meaning buy now, sell weeks later.
It is less draining than daily trading for sure.
Crypto is kinda crazy right now. Bitcoin was going up the recent weeks in anticipation of the segwit2x fork (whatever exactly that may be - I chose not to research it), and now thereā¦ wonāt be a fork?! Some altcoins went up every now and then, Bitcoin Cash is doing well, and even Jim Sterling has a reason to talk about crypto:
Finally, micro transactions and crypto currencies united!
But to be honest I think itās kinda clever to use an ICO to basically get what amounts to venture capitalists who are not into gaming, to be into your project. Now if only someone could do the same thing again and sprinkle some trendy buzzwords like āmachine learningā over itā¦
Iāve made a few trades on altcoins and now Iām very very close to having my crypto trading account at break even again. Hindsight is 20/20 and I could have made way way way more money these last weeks if Ihad more faith into all that stuff and went in bolder and held for longer. But on the plus side, I havenāt lost money on any of those trades. Though the Ether Classic that I bought yesterday isnāt looking too good right now, so that one might not turn out so well, but itās just a tiny sum.
I still think Kraken is a remarkably bad site. Never ever have I experienced this amount of poor UI responsiveness and error messages (some of which arenāt even correct, which I find the worst). Support gave me a typical āsorry, weāre working on itā response. But really, the site is just terrible to use more often than not, I could not recommend it to anyone. If the verification process wasnāt such a hassle, Iād be long gone to another site.
Iāve found an interesting quote on twitter:
Talk about āhit driven marketsāā¦
Anyone wanna share at what price levels they plan to buy more Bitcoin? Iām really unsure, I feel like itās got a whole lot more of room for falling, compared to altcoins that already are at like a third of what they once used to cost. I realize this is just as good as rolling dice. I have placed a very small buy order at 4300 Euro, but mostly Iām just clueless and watching where itās gonna go.
My understanding is the money to be made is mainly in the release of an ICO where you buy/mine and sell it on the way up before the inevitable crash which can be from hours to days/weeks(if lucky). I have a friend who is way into this and is now involved in an ICO on the side that makes most of the money(the developer of the currency). From what I learned it is mostly all a big scam, at least in regards to ICOs.
We are reaching peak of inflated expectation of the hype cycle, dark time ahead.
Sounds sketchy, but Iād be interested to how this turns out for him. I understand if you donāt want to share what coin it is, but if youāve got any interesting stories to tell, feel free to share.
Weāre already a few days past the peak for Bitcoin and this weekend was great for me. If kraken wasnāt such a shit site where I need to try 20 times to place one fvcking order, I could really see why people call it a āmoney making videogameā. If this was an actual game on steam, people would trash it in reviews as ānot fit for purposeā. That site is ridiculously unreliable.
It seems GDAX doesnāt allow trading against Fiat in my country. Iām unsure if I should send some etherium or bitcoin over there and start trading on crypto/crypto pairs. Does anyone have experience with GDAX?
Not buying any bitcoin. Transaction fees make bitcoin quite useless in my area, so the currency serves no practical purpose.
Someone with thousadns of USD/EUR to waste could try to play the game, but with low amoutn of cash I largely see it as a waste of time.
After another crazy alltime high of 14k Euro, Bitcoin is going back on sale right now (though the dip might be over already when you read this). Iām still in the plus with my crypto trading account and currently trying to buy more bitcoin. In hindsight #hodling bitcoin through all highs and lows would have been a vastly better strategy in terms of payout. Iāve made plenty of mistakes while trying to be risk-averse at the wrong time and also impatient at the wrong time. Just buying and holding Bitcoin when I started trading would have outperformed my current gains by a pretty huge factor (like more than 10 times I think). I want to trade less and hold more in the future. So while I arguably failed pretty badly, Iāve still made a profit of ~10% in about 4 months.
If kraken wasnāt so crappy I might have argued that trading is more āfunā, but it really isnāt, if you take into account how poor the feedback loop gets, when your exchange is down half the time, and takes x number of tries for any order being placed.
Well arguably gambling on its price changes is the practical purpose of it for most people who own it. When it wasnāt worth this much, people used to buy things with it. Now that its price is skyrocketing imho it would be foolish to use it to actually buy goods with it. Iām starting to believe itāll reach crazy high prices, while still being essentially irrelevant in the real world. It has created enough āsuccess storiesā, for people with more money to start chasing that and drive the price even higher. I think itāll likely be a self fulfilling prophecy for a while and then crash every now and then and start another cycle.
Itās a shame Iām not a ābelieverā in general, because currently this apparently is a market that rewards people who have faith that itāll all keep going up. Iāve read an interesting tweet where someone said if you want to be a āhodlerā you need to built your own happy-place-twitter-echo-chamber that confirms all you believe in, because all the fear, uncertainty and doubt that people opposed to crypto spread has no value for you and only serves to distract you from following your plan. I found thatā¦ kind of insaneā¦ but of course I see where heās coming from. This market is so emotion-driven itās hard to believe.
Iām still hesitant to put more of my real money into my trading account and even there I have not even half of it in crypto at the moment. Most of the time it was lying around in fiat, placed in buy orders for dips that mostly never came.
A friend of mine just invested a bunch of money into a bot based stock trading fond or whatever it is. Iām curious to see how itāll work out for him because in terms of diversifying Iād consider investing a small sum in something like that as well.
Edit: funny story:
āRedditor receives ~1.6m in BTC accidentally sent to their new wallet, posts on Reddit and finds the sender, returning it to them, gets 7 upvotesā
https://www.reddit.com/r/Bitcoin/comments/7ij1q3/can_you_tell_who_sent_you_bitcoin/
When people start talking like this the crash will be unbelievably brutal. When the price tanks, itās going to be a total panic. This is much closer to tulip mania than anything else.
Bet on it, take your wins and your losses, but remember, the crash is going to be harsh. As in like half the value wiped out in a day kind of harsh. The bottom of this market is most close to $0.
How much are beanie babies or other random fads worth these days?
edit: worth noting that with futures contracts coming in, huge shorts are coming too. that market is going to get obliteratedā¦although who knows when.
Iāve read a bit more on the subreddit yesterday and iirc historically the worst that happened is losing 86% of value abruptly and taking two years to recover. If it goes to 0$ tomorrow and never recovers, Iāll still be fine, because I have less than 2% of my savings in crypto. But if it goes to 1$ tomorrow, I might put in another 2% of my savings, just in case it ever goes back up ~20000% in value. x]
The one difference people seem to see between the fads you mention, the dot.com bubble, and Bitcoin, is that apparently there are by comparison more people being happy about Bitcoin price crashes because it means they can buy more for cheap. Of course new legislation or other unforseen events could somehow change how that usually goes for the next time it crashes.
What I found interesting in one of those āinfo for newcomers guidesā on reddit was that itās not mathematically proven that the encryption tech behind Bitcoin is actually secure. It hasnāt been broken yet, but that doesnāt prove itās impossible.
The problem is nobody will use it for anything. It has no intrinsic value since it actually doesnāt really work as a currency (too slow, difficult to make large transactions). It has a million competitors with better products technically.
The only use for it is hoping that someone will buy it for more than you bought it for.
Ah good, 2%. Yeah man, have a ball. Iāve been hearing too much about people who have all their money in bitcoin trading.
Just as a note.
A lot of people say that greed is what fuels bubbles. Thatās not true. What fuels bubbles is much stronger than that. The two engines underneath every bubble are:
āIf I held onto it longerā¦ā
āHe made 50% in two days. If only I was in thenā¦ā
Those are the things that fuel bubbles.
Yes you are right. World has gone mad . Today the price of bitcoin has fallen, but I plan to wait a little more, so that the price will become even less. Because I really want to invest with bitcoins. I have already read a lot of information and I am confident that its price will definitely grow for another 3 years. In any case, various independent sources write about this (see here, for example)
Both the stock market and crypto market are speculative mechanisms. You can tell yourself that stocks are based on actual company value, sure. But that company value is largely speculative to begin with, so youāre just compounding the speculation by participating in the market. It truly is a fools gameā¦ and yet because of currency inflation (which is just an accepted āfactā of life now), the bigger fools are those who donāt play.
The relevant difference between stocks and crypto seems to be the behavior of those participating in the market?
Bitcoin, especially now, has moved beyond having practical value for actual transactions and has turned into a truly speculative activityā¦ a large percentage of players seem to be trying to time the market in the relatively short term. Which will create bigger boom/bust opportunities at a much higher risk/reward multiplier.
While the same activity goes on in the stock market, there is a much higher percentage of the market that is simply in it for the long haul, which creates a stability that is essential for it to function. Itās still surely speculative, but you can be relatively well assured that the market, through itās ups and downs, will continue to grow at some rate. As long as that rate is above the inflation rate of money, and you arenāt overly exposed to individual stock risk, then you should be golden.
Bitcoin is an obvious bubble. Even those who donāt know what a bubble is can look at it and see that something is going to pop, and probably soon. If youāre OK with your potential loss in value (i.e. all of it) then I see no reason not to play the bitcoin game. Personally I would rather go the slow-growth / lower-risk route with the actual stock market.
Jesus, thatās so crazy I wouldnāt even consider it. But it seems like itās even worse and a few people are taking out mortgages and loans to buy Bitcoin: