|
JohnS0N
Stranger

Registered: 03/09/14
Posts: 53
Loc: Slovenia
Last seen: 1 year, 3 months
|
Re: Crypto experts, please help... [Re: Forrester]
#27593712 - 12/25/21 02:37 AM (2 years, 1 month ago) |
|
|
Get familiar with DEXes soon. Coinbase is a CEX (centralized exchange). A DEX is in no-ones control, decentralized and governed by smart contracts.
To get the cryptos back to fiat you can look at localbitcoins.
|
Forrester
aspiring sociopath


Registered: 02/05/13
Posts: 9,351
Loc: Northeast USA
Last seen: 24 days, 7 hours
|
Re: Crypto experts, please help... [Re: JohnS0N]
#27594342 - 12/25/21 06:12 PM (2 years, 1 month ago) |
|
|
So what would be the most user-friendly DEX to start with trying to learn?
-------------------- Repugnant is a creature who would squander the ability to lift an eye to heaven, conscious of his fleeting time here. ------------------- Have some medicinal mushrooms and want to get the most out of them? Try this double extraction method.
|
Oldnameforgotten
Traveler


Registered: 10/19/19
Posts: 956
Loc: Pilbara Australia
Last seen: 2 years, 10 days
|
Re: Crypto experts, please help... [Re: Forrester]
#27597750 - 12/28/21 06:05 PM (2 years, 30 days ago) |
|
|
Howdy. I've been in crypto for nearly 6 years. Ups and downs.
Your best bet is to mine it. Dont invest in the coin. Invest in hardware to mine it. Then sell what you earn and buy more hardware. Buy hardware that isnt crypto specific. ASICS. Do not buy ASICS. Get GPUs or laptops. If you go with laptops get 3070 laptops. If you go with GPUs make sure the model GPU youre getting is FHR (full hash rate) or if its LHR (low hash rate) that the price reflects that its LHR and know what alternative coins you can mine with it.
Do not. Invest. In. Crypto.
You have better odds at the casino. Go put $5,000 on 0 and cross your fingers.
|
geokills
∙∙∙∙☼ º¿° ☼∙∙∙∙


Registered: 05/08/01
Posts: 23,417
Loc: city of angels
Last seen: 6 minutes, 31 seconds
|
Re: Crypto experts, please help... [Re: Forrester]
#27598588 - 12/29/21 12:25 PM (2 years, 29 days ago) |
|
|
Quote:
Forrester said: So what would be the most user-friendly DEX to start with trying to learn?
Frankly, once you've learned how to use one, you've learned enough to use them all. More importantly, is choosing which ecosystem you plan to hold your tokens within. If you're planning to be Ethereum based, 1inch.io and Uniswap.org would be my recommendations. Note that due to high network activity/throughput limits, the fees for trading on the Ethereum main net will be prohibitive for low capitalized investors, as each purchase or sale could cost anywhere from $50-$200 to execute. I believe there are low fee DEX's available on some of the layer 2 Ethereum protocols such as Polygon (MATIC), although I have not personally used them.
If you hop over to a competing network such as Solana, you can trade for pennies, and the Solana network supports on-chain limit order books, which are more akin to typical stock exchange brokerages where you set your price and wait for it to be hit, versus the traditional DEX model where you swap for whatever the current market rate (including negative liquidity slippage) may be. On Solana, I have typically used Raydium.io. The Terra network also has the newfangled and inexpensive Astroport.fi DEX that launched days ago, which I have been chronicling in the main crypto thread. Just keep in mind that using DEX's outside of Ethereum means that you may not have access to the bulk of tradable tokens, as so many tokens are ERC-20 (i.e. Ethereum) based. Note that some of the more prominent tokens/coins do feature "wrapped" versions on alternative networks, although trade volume will be lower, which means liquidity will be reduced. However, you can usually find acceptable volume on wrapped tokens for the big two, Ethereum and Bitcoin, across all major layer 1 networks.
--------------------
-------------------- ┼ ··∙ long live the shroomery ∙·· ┼ ...╬π╥ ╥π╬...
|
Ima Trooper
Chilldog Extraordinaire



Registered: 02/21/08
Posts: 13,533
Loc: United States
Last seen: 2 days, 4 hours
|
|
Quote:
Oldnameforgotten said: Howdy. I've been in crypto for nearly 6 years. Ups and downs.
Your best bet is to mine it. Dont invest in the coin. Invest in hardware to mine it. Then sell what you earn and buy more hardware. Buy hardware that isnt crypto specific. ASICS. Do not buy ASICS. Get GPUs or laptops. If you go with laptops get 3070 laptops. If you go with GPUs make sure the model GPU youre getting is FHR (full hash rate) or if its LHR (low hash rate) that the price reflects that its LHR and know what alternative coins you can mine with it.
Do not. Invest. In. Crypto.
You have better odds at the casino. Go put $5,000 on 0 and cross your fingers.
I am not a crypto expert at all, but this is like the exact opposite advice I'd give. Mining profit depends drastically on your electricity cost, and if you're mining with 3070 laptops, you're paying for a LOT more than just a GPU. That sounds like the worst way possible to mine. What happens when Ethereum goes to Proof of Stake? You're left with dozens or more of expensive, used, outdated graphics cards and computers. You know how much you can get for those? Damn near nothing.
-------------------- "Its moving of its own accord...and I like that in a shirt!" - Me, tripping. deCypher said: Schizophrenia beats dining alone, you know.
|
Forrester
aspiring sociopath


Registered: 02/05/13
Posts: 9,351
Loc: Northeast USA
Last seen: 24 days, 7 hours
|
Re: Crypto experts, please help... [Re: geokills]
#27599890 - 12/30/21 01:23 PM (2 years, 28 days ago) |
|
|
Quote:
geokills said: Frankly, once you've learned how to use one, you've learned enough to use them all. More importantly, is choosing which ecosystem you plan to hold your tokens within. If you're planning to be Ethereum based, 1inch.io and Uniswap.org would be my recommendations. Note that due to high network activity/throughput limits, the fees for trading on the Ethereum main net will be prohibitive for low capitalized investors, as each purchase or sale could cost anywhere from $50-$200 to execute. I believe there are low fee DEX's available on some of the layer 2 Ethereum protocols such as Polygon (MATIC), although I have not personally used them.
If you hop over to a competing network such as Solana, you can trade for pennies, and the Solana network supports on-chain limit order books, which are more akin to typical stock exchange brokerages where you set your price and wait for it to be hit, versus the traditional DEX model where you swap for whatever the current market rate (including negative liquidity slippage) may be. On Solana, I have typically used Raydium.io. The Terra network also has the newfangled and inexpensive Astroport.fi DEX that launched days ago, which I have been chronicling in the main crypto thread. Just keep in mind that using DEX's outside of Ethereum means that you may not have access to the bulk of tradable tokens, as so many tokens are ERC-20 (i.e. Ethereum) based. Note that some of the more prominent tokens/coins do feature "wrapped" versions on alternative networks, although trade volume will be lower, which means liquidity will be reduced. However, you can usually find acceptable volume on wrapped tokens for the big two, Ethereum and Bitcoin, across all major layer 1 networks.
Thanks for the reply! Yeah I'm thinking an ETH layer 2 might be the best solution for me, I will have to look into those...
-------------------- Repugnant is a creature who would squander the ability to lift an eye to heaven, conscious of his fleeting time here. ------------------- Have some medicinal mushrooms and want to get the most out of them? Try this double extraction method.
|
Oldnameforgotten
Traveler


Registered: 10/19/19
Posts: 956
Loc: Pilbara Australia
Last seen: 2 years, 10 days
|
Re: Crypto experts, please help... [Re: Ima Trooper]
#27600048 - 12/30/21 04:15 PM (2 years, 28 days ago) |
|
|
Quote:
Ima Trooper said:
Quote:
Oldnameforgotten said: Howdy. I've been in crypto for nearly 6 years. Ups and downs.
Your best bet is to mine it. Dont invest in the coin. Invest in hardware to mine it. Then sell what you earn and buy more hardware. Buy hardware that isnt crypto specific. ASICS. Do not buy ASICS. Get GPUs or laptops. If you go with laptops get 3070 laptops. If you go with GPUs make sure the model GPU youre getting is FHR (full hash rate) or if its LHR (low hash rate) that the price reflects that its LHR and know what alternative coins you can mine with it.
Do not. Invest. In. Crypto.
You have better odds at the casino. Go put $5,000 on 0 and cross your fingers.
I am not a crypto expert at all, but this is like the exact opposite advice I'd give. Mining profit depends drastically on your electricity cost, and if you're mining with 3070 laptops, you're paying for a LOT more than just a GPU. That sounds like the worst way possible to mine. What happens when Ethereum goes to Proof of Stake? You're left with dozens or more of expensive, used, outdated graphics cards and computers. You know how much you can get for those? Damn near nothing.
Common for outsiders to think that way. Thats why it works.
3070 laptops are more efficient and mine higher hash than full sized GPUs.
Also laptops hold their value better than GPUs if crypto crashes.
PoS is irrelevant. There will always be something to mine.
My entire life is this game. I know an insane amount about it all. I was talking about London fork in 2019.
Edit: Also electric prices dont matter. 3070 laptops are profitable everywhere. Hugely profitable. Unless theres some crazy expensive electric I'm not considering. I pay 25 cents per kwh. One of the highest in the world.
Edited by Oldnameforgotten (12/30/21 04:16 PM)
|
Oldnameforgotten
Traveler


Registered: 10/19/19
Posts: 956
Loc: Pilbara Australia
Last seen: 2 years, 10 days
|
|
Not just a hobby to me. Not just some passing by convo from a little bit of research.
My entire life.
Edited by Oldnameforgotten (01/18/22 12:49 AM)
|
Forrester
aspiring sociopath


Registered: 02/05/13
Posts: 9,351
Loc: Northeast USA
Last seen: 24 days, 7 hours
|
|
So what's your net profit per day after subtracting energy costs and all that? And how much did you invest in the equipment total?
-------------------- Repugnant is a creature who would squander the ability to lift an eye to heaven, conscious of his fleeting time here. ------------------- Have some medicinal mushrooms and want to get the most out of them? Try this double extraction method.
|
Oldnameforgotten
Traveler


Registered: 10/19/19
Posts: 956
Loc: Pilbara Australia
Last seen: 2 years, 10 days
|
Re: Crypto experts, please help... [Re: Forrester]
#27600597 - 12/30/21 11:57 PM (2 years, 28 days ago) |
|
|
Quote:
Forrester said: So what's your net profit per day after subtracting energy costs and all that? And how much did you invest in the equipment total?
Basically no matter what you buy as long as its one of the most efficient earners at the moment you tend to get ROI in 8 to 16 months. Usually the best items at the time get 10-12 months ROI.
ATM the most cost effective way to hit ROI as FHR 3060ti or 3070 GPU. Because they are cheaper than laptops. But since laptops are more than just a GPU they are an actual computer. They have value outside of just a GPU if the market crashes. They are also not that much more expensive.
The issue is you have to know the correct laptop to buy. So what I do is get hands on as soon as new models come out. I buy 1 of each brand that I recognize as usual goats. Then the top ones I buy a few of each slowly. And the ones that consistently outdo the rest I turn my entire farm into those.
Intel online is often wrong. Especially in crypto. And even more-so in suggestions for what to invest in.
Mining is free money. Thats literally what it is. Not to mine when you know how good ROI is.... is just bad money management skills. If you want to invest.... literally just go play roulette and gamble $5000 on 0. You have way better odds there.
These people you talk to who believe in investing are most of the time holding 20k in a coin and have been crossing their fingers for 6 months for it to go up. Or sometimes they are up 5-15 percent. But Ive watched them. They eventually go bust. They are literally gambling. Its as close to gambling as you can get.
The problem is you CANT DO what people think you can do. You cannot put $1000 into Ethereum and then wait 10 years for it to hit $1,000,000 per coin.
You have to think about it practically and realistically. If you have $1,000 in Eth..... and it goes up to a value of $4,000. Youre going to sell. If its been 6 months, 2 years, 10 years. Youre going to sell it. If not at $4,000 then youll sell at $10,000. If not at $10,000 youll sell at $100,000. You will never hold until its worth $100,000,000. It wont happen.
These crypto millionaires had the luxury of completely forgetting about its existence for years. You will not. You will check it every day.
And heres the catcher: this is the TINY hurdle in how you make money investing in crypto. The major hurdle is you have to bet the winning horse!
And lets say you put $20,000 into Ethereum. And in 2 months it drops to $10,000. Are you prepared to ride that sinking ship and pray it doesnt go down to 0? Even if it takes 2-5 years?
|
Oldnameforgotten
Traveler


Registered: 10/19/19
Posts: 956
Loc: Pilbara Australia
Last seen: 2 years, 10 days
|
|
If I could snap ONE piece of information into all of your heads it would be this:
My limitation is not how much money I have to invest in mining equipment. It is not will mining give less profit tomorrow than today.
My limitation is How much Electricity can my house generate out of the wall?
You will hit that number sooner than you think if you start trying your hardest to invest in mining equipment. At that stage the question becomes...... What methods can you get more power out of the wall?
The first step is three phase. The final step is moving into a warehouse. Bring the family. Go solo. Whatever it takes. Get yourself into a warehouse with security. And fill it full of mining equipment.
The ROI being 12 months on average means you have exponential increase. It doesnt take long at all to max out the normal home.
Sell your car. Sell your motorcycle. Eat rice and hot sauce. Take a second job. Put every single penny you earn both from your jobs and your mining into more mining hardware. You are wasting profit right now.
I wish there was some way I could make you guys understand this. Because I am haunted by it. Everytime I'm at work. Or at a pub. Or anything. When I see a socket not in use..... It drives me insane. I could be USING that socket!
Your goal ISNT to be rich in crypto! Its to be rich in mining equipment equity. A top of the line gaming laptop will ALWAYS have value. A top of the line GPU can crash by as much as 75 percent worst case scenario. They are hyper inflated items. Laptops are roughly sold at cost.
|
Forrester
aspiring sociopath


Registered: 02/05/13
Posts: 9,351
Loc: Northeast USA
Last seen: 24 days, 7 hours
|
|
Thanks for the advice, but you must realize buying and using a bunch of hardware is literally not even an option for all of us.
I live in an 800sqft camp in rural maine. We lose power at least monthly, sometimes for days at a time. I don't have room in my house to run 3 laptops. I don't have the money to buy 3 laptops. I don't have the technical knowledge to get them to mine bitcoin, or a constant open internet connection. The only internet I have is through a wifi hotspot on my cell phone.
So I think for me, putting $100 out of each paycheck towards a stable coin isn't really much of a gamble, (if I lose it all I'll be just fine). And I DO intend to completely forget about it. If in 2 years I've invested a few thousand bucks that bitcoin/ETH has done what many, many people believe it will, I should be much better off just from throwing what most people spend on scratch tickets around here into that instead. I'm not looking to get rich.
-------------------- Repugnant is a creature who would squander the ability to lift an eye to heaven, conscious of his fleeting time here. ------------------- Have some medicinal mushrooms and want to get the most out of them? Try this double extraction method.
|
Oldnameforgotten
Traveler


Registered: 10/19/19
Posts: 956
Loc: Pilbara Australia
Last seen: 2 years, 10 days
|
Re: Crypto experts, please help... [Re: Forrester] 1
#27601349 - 12/31/21 03:35 PM (2 years, 27 days ago) |
|
|
Quote:
Forrester said: Thanks for the advice, but you must realize buying and using a bunch of hardware is literally not even an option for all of us.
I live in an 800sqft camp in rural maine. We lose power at least monthly, sometimes for days at a time. I don't have room in my house to run 3 laptops. I don't have the money to buy 3 laptops. I don't have the technical knowledge to get them to mine bitcoin, or a constant open internet connection. The only internet I have is through a wifi hotspot on my cell phone.
So I think for me, putting $100 out of each paycheck towards a stable coin isn't really much of a gamble, (if I lose it all I'll be just fine). And I DO intend to completely forget about it. If in 2 years I've invested a few thousand bucks that bitcoin/ETH has done what many, many people believe it will, I should be much better off just from throwing what most people spend on scratch tickets around here into that instead. I'm not looking to get rich.
I started in a donger in the outback of australia on a wifi hotspot.
All it will take you to swap to mining is buying one single piece of mining hardware.
Its not technical at all. You download nicehash app from the website. Click start. And youre done.
You can learn how to mine in other ways which get more and more technical the deeper down the rabbit hole you go. And you can profit a bit more that way. But nicehash will work just fine.
A 1300 USD laptop in america will make you 4-7 USD a day. That doesnt sound like much. But thats why no one is mining.
You gotta look at it the same way as a retirement fund. Its a 100 percent APR. If you go put your money in savings in a bank youll get a .00001 APR. If you put it in an investment scheme youll get 1-3 percent APR. This is a ONE HUNDRED percent APR. Its fucking insane.
Its not a get rich quick scheme. Its a safe way to invest your money and save your money.
But I understand the unwillingness to get into it. Most people wont ever give it a go. But those who do...... never stop.
|
Oldnameforgotten
Traveler


Registered: 10/19/19
Posts: 956
Loc: Pilbara Australia
Last seen: 2 years, 10 days
|
|
Its just slow incremental progress. When I started I had no money. I had no concept of mining. I had no infrastructure. And I just slowly made it happen. Through drive, focus, and obsession.
One of my original rigs. I called him Frankenstein because he was a mixture of everything.
Heres the first time I tried an ASIC. It was terrible! Wasted so much time and effort with this one.
Heres me fiddling with a rig.
Its all just slow progress.
Edited by Oldnameforgotten (01/18/22 12:50 AM)
|
oursoulsinmotion
🐵🙈🙉🙊



Registered: 10/04/21
Posts: 3,380
Last seen: 1 day, 18 hours
|
Re: Crypto experts, please help... [Re: Forrester]
#27623034 - 01/17/22 10:53 PM (2 years, 10 days ago) |
|
|
Quote:
Forrester said: Thanks for the advice, but you must realize buying and using a bunch of hardware is literally not even an option for all of us.
I live in an 800sqft camp in rural maine. We lose power at least monthly, sometimes for days at a time. I don't have room in my house to run 3 laptops. I don't have the money to buy 3 laptops. I don't have the technical knowledge to get them to mine bitcoin, or a constant open internet connection. The only internet I have is through a wifi hotspot on my cell phone.
So I think for me, putting $100 out of each paycheck towards a stable coin isn't really much of a gamble, (if I lose it all I'll be just fine). And I DO intend to completely forget about it. If in 2 years I've invested a few thousand bucks that bitcoin/ETH has done what many, many people believe it will, I should be much better off just from throwing what most people spend on scratch tickets around here into that instead. I'm not looking to get rich.
Word CMP will whack you good
Theres only so much coin to mine then thats it Hardly anybody is getting rich off it and those that have it already had decent amount of cash to play w when they started
The fact that Elon Musk can send it crashing or soaring w a few tweets (if that) is bothersome
With that said check out Meet Kevin https://m.youtube.com/channel/UCUvvj5lwue7PspotMDjk5UA
|
BSUUF2
derails threads



Registered: 10/15/20
Posts: 666
Loc: not that important
Last seen: 1 year, 10 months
|
|
Quote:
Oldnameforgotten said: Heres the first time I tried an ASIC. It was terrible! Wasted so much time and effort with this one.
Let's guess, got antminered like me? S2 series, though KnCs ROI'ed at that time with _LOTS_ of tweaking (first overclock, then downvolt, always running on a local custom profit switching pool (some shell script doing the profitability calculation, some C stuff switching cgminer through it's API. Alts solo, BTC P2Pool or Eligius), BitFury H-Card/M-Board - meh. Blown main fuse in my living space, then moved that stuff somewhere else, things became unprofitable, sold off miners, closed company.
-------------------- LAGM2022
Edited by BSUUF2 (02/07/22 01:44 PM)
|
AphexPin
Strange

Registered: 02/22/22
Posts: 464
|
Re: Crypto experts, please help... [Re: Forrester]
#27679076 - 03/02/22 01:26 AM (1 year, 10 months ago) |
|
|
Quote:
Forrester said: So before I make any money with this,
Awfully presumptive, no? haha
|
AphexPin
Strange

Registered: 02/22/22
Posts: 464
|
Re: Crypto experts, please help... [Re: AphexPin]
#27679088 - 03/02/22 01:58 AM (1 year, 10 months ago) |
|
|
I would wait until buttcorn is trading below $30k to consider a purchase in any crypto tbh. I'm waiting for sub $15k personally.
|
Forrester
aspiring sociopath


Registered: 02/05/13
Posts: 9,351
Loc: Northeast USA
Last seen: 24 days, 7 hours
|
Re: Crypto experts, please help... [Re: AphexPin]
#27679096 - 03/02/22 02:14 AM (1 year, 10 months ago) |
|
|
Everybody's got that magic number in their head, but I haven't heard a lot of people that think it's gonna go that low again. Ive heard 20k, maybe, but who knows
-------------------- Repugnant is a creature who would squander the ability to lift an eye to heaven, conscious of his fleeting time here. ------------------- Have some medicinal mushrooms and want to get the most out of them? Try this double extraction method.
|
AphexPin
Strange

Registered: 02/22/22
Posts: 464
|
Re: Crypto experts, please help... [Re: Forrester]
#27679104 - 03/02/22 02:30 AM (1 year, 10 months ago) |
|
|
Quote:
Forrester said: Everybody's got that magic number in their head, but I haven't heard a lot of people that think it's gonna go that low again. Ive heard 20k, maybe, but who knows 
Yeah, no one really knows. I just view sub $20k as a risk:reward worth investing in. But to each, their own!
|
|