How I Got Scammed Mining Crypto?
Title is a bit misleading. It had nothing to do with mining but the coin that I was mining turn out to be a scam. How lucky am I to have been mining an almost worthless coin?
The coin I am talking about is Sumokoin. I had be mining it on my computer since late last year and hold a small sum of sumokoin. I neglected to see updates on the coin and recently found out that the coin is no longer traded on cryptopia. The coin had a peak value of $10 but has since dropped to $0.10. That may even be an optimistic number since sumokoin is rarely traded on tradeorge.
So my bad for mining a coin that seems to have lost its developers and a lot of followers. I guess one of the reasons I lost track of this is because I focus too much on other cryptos. This is another reason why during down turns I need to do some consolidation. My current investment into steem is not faring well, but most altcoins have been struggling lately. Except for dogecoin. Ironically I had thought the coin would not be worth much but now is one of the best performing top market cap coin. I think dogecoin is trending up because it is a cheap and fast coin to transfer. Also it is not difficult to mine and it recently has new developments.
So not only did I waste electricity on something meaningless, I also lost time from investing in the useless coin. My carelessness cost me earnings. I am hoping I will not make the same mistake. Now I need to search for a new coin to mine, maybe just go with dogecoin? However I am mining with mostly cpu. May stick with cryptonote then. Will update when I figure this all out.
Date of post: 9/13/2018
I am sorry to hear what happened to you. Often times in life we are so busy with our heads down working hard and so deep in he weeds that we forget to take a breather to assess and reflect.
I try to stop myself one per day to practice mindfulness. This helps me focus and stay in the moment, and then I take inventory of my thoughts and emotions. Am I in balance or out of balance? Is what I am doing what I really want to do? What am I grateful for and why? If find that taking just 10-15 minutes per day for this excercise helps me immensely to achieve happiness and success.
I wish you all the best my friend in all your future crypto projects. I know very little about crypto mining so I cannot add value to your question about which coin is best to mine. My question to you is if Doge coin is the only profitable alt coin, then why not mine it?
thanks for the input. I definitely am re-evaluating everything in life since I started investing in crypto. Hope to be profitable sometime in the future ;P
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ohhh sorry for that, everyone should be careful because and not invest his money on anything on good because sometimes to good thing becomes the worst thing ever, plus monitor your wallets and keep updated from news of your currencies that you have
Yeah crypto investing is not as simple as some people make it out to be.
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Mining is not profitable until and unless you mine with special mining rig..there are many website which will give you fair idea how much you can earn based on your hashing power.