Crypto investing

[cowboyec]

i invest time on cryptid hunts.

 

[Creeper]

Please explain what “mining” in this sense is?

You want the details or just a summary? I won't get into the boring technical details but many crypto coins use a distributed network of processors to calculate blockchain hashes based on specific mathematical criteria. The distributed network is made up of "miners" who use their CPUs or GPUs (video cards) and software, to attempt calculate the correct hashes within a certain timeframe. Miners are rewarded with currency for "finding a block" or the correct hash. So instead of buying crypto coins, miners use mining rigs to mine for the rewards. Most people use video cards which are much faster than CPUs. Hence the shortage of video cards, or the skyrocketing prices we have seen at times over the last few years. I build a bunch of mining rigs in my basement years ago and they have been churning away 24x7 for years. It started as a hobby, and I guess it still is.

 

[CalPolyTechnique]

You want the details or just a summary? I won't get into the boring technical details but many crypto coins use a distributed network of processors to calculate blockchain hashes based on specific mathematical criteria. The distributed network is made up of "miners" who use their CPUs or GPUs (video cards) and software, to attempt calculate the correct hashes within a certain timeframe. Miners are rewarded with currency for "finding a block" or the correct hash. So instead of buying crypto coins, miners use mining rigs to mine for the rewards. Most people use video cards which are much faster than CPUs. Hence the shortage of video cards, or the skyrocketing prices we have seen at times over the last few years. I build a bunch of mining rigs in my basement years ago and they have been churning away 24x7 for years. It started as a hobby, and I guess it still is.

Are they deliberately hidden by an automated process that can't be retraced? I find this aspect of it fascinating.

 

[Creeper]

Are they deliberately hidden by an automated process that can't be retraced? I find this aspect of it fascinating.

Not sure what you mean by "hidden". Miners are known to the network and I am sure traceable by IP address, but the wallets where the rewards are deposited have the same level of anonymity as any other wallet. I think there is a misconception about the anonymity of Bitcoins and other crypto. It is true that you have a wallet address, which contains no identifying information about who you are. So if you spend Bitcoin to a nefarious purpose the seller does not know who you are. But as we found out in the Mueller report, it is possible to trace Bitcoin to specific IP addresses where Walllets are located, which means it is possible to find Bitcoin holders if they do not take other steps to shield their locations.

 

[CalPolyTechnique]

Not sure what you mean by "hidden". Miners are known to the network and I am sure traceable by IP address, but the wallets where the rewards are deposited have the same level of anonymity as any other wallet. I think there is a misconception about the anonymity of Bitcoins and other crypto. It is true that you have a wallet address, which contains no identifying information about who you are. So if you spend Bitcoin to a nefarious purpose the seller does not know who you are. But as we found out in the Mueller report, it is possible to trace Bitcoin to specific IP addresses where Walllets are located, which means it is possible to find Bitcoin holders if they do not take other steps to shield their locations.

 

[Zekeats]

Looking for a little advice.

 

[CyberB0b]

Looking for a little advice.

If you're asking for financial advice in a Cowboys forum, you likely shouldn't put your money into crypto. Not trying to be a prick, just saying you should always do research on where your money goes.

 

[Zekeats]

If you're asking for financial advice in a Cowboys forum, you likely shouldn't put your money into crypto. Not trying to be a prick, just saying you should always do research on where your money goes.

Not so much advice as getting a feel. I started wednesday night with 10k and I got 13k today so I was just seeing if anyone else is doing it. The market is so hot right now it's hard not to make money.

 

[DFWJC]

SOS , a crypto mining stock, looks interesting based on valuation vs peers and upcoming operation boost.
Guess we'll see.

Went ahead and took 50% off the table for 150% profit (12k)
Some of these are a bit flakey so always best to not get too greedy. May regret holding the remaining 50% as its already down from its highs.

 

[rags747]

Some wild target prices in the below article. Thoughts on GBTC?

https://www.zerohedge.com/markets/analyst-sees-bitcoin-hitting-4-million-18-24-months

 

[CyberB0b]

Not so much advice as getting a feel. I started wednesday night with 10k and I got 13k today so I was just seeing if anyone else is doing it. The market is so hot right now it's hard not to make money.

Just don't be a bag holder.

 

[TheCowboy]

Crypto tanking today. I currently own LINK, but made some decent profit off ETH and ALGO before they both really took off. Some of this is luck, picking the right crypto and hoping its part of the next pump, but for the past week it's been pretty stagnant.

 

[InTheZone]

Crypto tanking today. I currently own LINK, but made some decent profit off ETH and ALGO before they both really took off. Some of this is luck, picking the right crypto and hoping its part of the next pump, but for the past week it's been pretty stagnant.

Earlier this month it took off, early last week tanked but it regained. Then it tanked the weekend. Obviously not every crypto will survive but the ones that will will most likely regain traction and over time it'll be up to who knows where.

 

[Cowboy Brian]

Some wild target prices in the below article. Thoughts on GBTC?

https://www.zerohedge.com/markets/analyst-sees-bitcoin-hitting-4-million-18-24-months

Only feasible if we experience hyper-inflation.

Long BTC is short fiat currencies.

Government's won't let control of currency fall to random people on the internet. Look at India already outlawing all crypto and working on a national crypto currency.

 

[TheCowboy]

Earlier this month it took off, early last week tanked but it regained. Then it tanked the weekend. Obviously not every crypto will survive but the ones that will will most likely regain traction and over time it'll be up to who knows where.

Yeah my problem has been finding the balance to have patience for price increase and having the discipline to lock in profits. I sold Litecoin way too early, and now it's $100 more than what I sold it at. I took profits but could have had way more. Same with ETH and ALGO. Crypto is fun and addicting but also frustrating trying to mange taking profits with holding for more potential growth. The volatility is insane.

 

[Rockport]

I would warn anyone NOT to invest in crypto unless they know everything there is to know about it and the market for it. There are a lot of yahoos on message boards like this one but don’t take anything they say as gospel.

 

[InTheZone]

I would warn anyone NOT to invest in crypto unless they know everything there is to know about it and the market for it. There are a lot of yahoos on message boards like this one but don’t take anything they say as gospel.

Yup, many will say to do your own research and never invest on emotion. Stay away from pump n dumps

 

[Rockport]

Yup, many will say to do your own research and never invest on emotion. Stay away from pump n dumps

I stay away from it completely because there are too many unknowns. But that’s just me. I don’t like gambling on my future.

 

[InTheZone]

Yeah my problem has been finding the balance to have patience for price increase and having the discipline to lock in profits. I sold Litecoin way too early, and now it's $100 more than what I sold it at. I took profits but could have had way more. Same with ETH and ALGO. Crypto is fun and addicting but also frustrating trying to mange taking profits with holding for more potential growth. The volatility is insane.

I dont try to day trade my crypto so I dont focus too much day to day. Its nice seeing positive gains during a week and if it dips I just take the L and continue the waiting game. Me personally I invest a small portion of my check but have no plans on selling any time soon. Just build it up for the long term

 

[rags747]

I stay away from it completely because there are too many unknowns. But that’s just me. I don’t like gambling on my future.

So is that only for crypto or all equities as well?