Crypto rant incoming
Mining. Not mining gold or precious metals, but cryptocurrencies. I have never myself touched any mining rig, any cloud mining app or any other way mined anything. As long as I can remember, people around me have always been talking about how unprofitable mining cryptocurrencies is - I can even remember the same talk in 2013, 2014 and so on.
Yet people keep doing it. So it might not be so unprofitable at all? I would never mine on my home PC, stress my video card, my CPU or any other component. It's strictly for my own work and recreation.
Yet there are more and more opportunities for people who want to mine cryptos. Is it a scam? Is it a pyramid scheme? I don't know. But what I stumbled upon, is a cryptomining browser - CryptoTab browser, that claims to boost your mining speeds up to 8 times and boost your earnings.
Looks too good to be true? Potentially it is, but I won't judge. I'd be happy to hear feedback from you guys - if you manage to test it out.
Moving on.
cryptonewmedia.press points out that out of the top 100 cryptocurrencies on coinmarketcap.com, only 36 are built on a solid working product. 36! No wonder we're collapsing with the speed of light.
I dont understand why we need all these coins, tokens, unless they carry real significant utility for people, for investors and for users, not for speculation.
They also point out, that if this is the case, we have 1829 redundant and unnecessary cryptocurrencies. Luckily, some of them are just building their product, but some definitely deserve to kick the bucket.
Don't worry, Steem is safe :)
The research into the top-100 cryptocurrencies as carried out by John Bardinelli and Daniel Frumkin determines the 36 working cryptocurrency projects as follows: Bitcoin, Ethereum, XRP, Bitcoin Cash, Stellar, Litecoin, Tether, Monero, NEO, Binance Coin, Zcash, Qtum, 0x Protocol, Bytecoin, Decred, BitShares, Steem, Siacoin, Augur, Basic Attention Token, Nano, Golem, Pundi X, Waves, KuCoin Shares, Wanchain, Komodo, Ardor, Huobi Token, ZenCash, PIVX, Kyber Network, Bancor, Loom Network, Polymath, Bibox Token.
Full study can be found here
Materials:
cryptonewmedia.press
And finally, a horror story from Venezuela:
Bitcoin really has the potential to become the people's currency.
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Great post by the way. I do also think you miss the point with home mining. It's a choice thing but also a brilliant way to learn about the crypto world. Don't get me wrong it can and is a minefield but if you navigate through to the end, and by the end I mean with a good setup and mining pool you can still be profitable.
Most miners i speak with are mining coins they like and believe in. Some sell the coins they mine to pay the electricity bill and keep the leftovers to Hodl, whilst others keep everything and pay the bills as part of their household costs.
At the end of the day we are all dreamers who can't wait for a £1million bitcoin but until then some trade, some mine and others just buy to Hodl.
Keep up the good work.
LW
P.S. I seem to have been your 100th voter, do i get a prize ;)
Thanks for the thorough comment and insight :) You win my small upvote :)
thanks my friend.
I have been mining myself for a couple of years and I am regularly in touch with other miners who have started with me or later and who have been mining before me. Yes they always complain that mining is not profitable. They are hardly been able to recover their mining rig setup expense. What they are doing is they they take big loans with huge interest or they spend whatever they have buying expensive GPUs, motherboards and accessories. They mine precious cryptos and sell them as soon as mined in small amounts with hefty fees to bail out their loans or mortgages. On other hand myself blessed by a sound financial background started as a hobby, I invested a couple of years ago with a small amount of money which I could afford to loose and not to repay anyone if I gain or loose. I kept on mining and accumulating all the precious cryptos I mined. I transferred some to Bittrex, Binance and other trading exchanges and traded with all sorts of altcoins. Sometime I gained and sometime lost. Whenever I gained I converted to BTC and I HODLed. Last year December I sold most of my fortune and my figures were 20 times the amount I invested.
My first 6 GPU mining Rig ... still mining precious cryptos.
Nice! Cool story, it's good to see not all missed to sell the peak. Good work, chief!
thank you sir
Nice setup, have you tried hiveos yet? its amazing at controlling your power usage and your GPU performance.
thank you ... no i haven't tried yet but will try
Yeah, I heard about that site/browser(?) that allows you to mine on your browser, I didn't feel comfortable toward it though. Didn't install it and only remembered it by your post!!
That's a shocking number, but a painful truth. I'm just glad we have those 36 working products in the first place, and I'm glad that all steem related media is only counted as 2 (STEEM/SBD) parts of that 36.
By the way @furious-one, you bought games from my store before, and I did a total revamping so as a previous buyer, if it won't take much of your time please check it out. I started a contest for suggestions to make my store better and I wish to receive any
help I cansuggestion to reach my conclusion.Thank you, I will check your store out and advise every other games-interested perso nto check it out.
Thank you very much, I already got a lot of ideas and I think more won't hurt, if you have time check the discussion in the comment section too!
No EOS on the list
Too early for EOS, no rea lworking products yet. But they're coming.
Do you consider EOS Knights a product? Or you mean actual products the blockchain was built for...?
Well, it's something. But like you say, I still havent seen anything groundbreaking that make EOS shine and show the potential of blockchain.
Good informative post
So sweet,, photography
Very nice post. I love babay
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STOPTo support your work, I also upvoted your post!
Beautiful baby.it look naughty and pretty
Great article, maybe you are interested in the one in these links related to cryptocurrency,mining:
MinnowSmith payout 2018-08-30: 0.262 STEEM by minnowsmith
MinnowSmith payout 2018-09-01: 0.213 STEEM by minnowsmith
Interested In Mining Cryptos With Your Computer? Maybe Honeyminer Is For You. by david777111
Are you tired of the crazy price fluctuations in the cryptocurrency markets? by securixio
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